Xavier Shay, who first joined Up as a software engineer in April 2019 and quickly rose through the ranks to become head of Up and eventually CEO in August 2021, has taken on an additional role as Bendigo Bank’s Chief Digital Officer.

Despite his new responsibilities, Shay will continue to lead Up as its CEO, a position he has held for the past three years.

Bendigo Bank announced that Shay’s new role will involve unifying the bank’s digital initiatives, with a focus on expanding the reach of its digital services across both the Bendigo and Up brands.

The move aligns with Bendigo’s ongoing transformation efforts, aimed at meeting the growing demand for its innovative products and services.

As part of this transformation, Bendigo has undertaken a comprehensive cloud migration, moving its digital banking system, app, and web platform to Google Cloud, while also investing in AI and enhanced security measures.

Shay’s promotion follows a series of recent leadership changes at Bendigo, including the appointment of Nathalie Moss as interim CIO after the departure of Andrew Cresp, and the introduction of Richard Fennell as the new CEO and Managing Director.

Up has been an important funnel of new customers to its parent company. It has just over 900,000 customers, at least 90% of whom are completely new to the Bendigo group.

Bendigo Bank is riding a seven-year high, with its stock up 27% so far this year, thanks in part to a successful digitisation and simplification drive