Open banking may be delayed, but one of Australia’s new banks is keen to show Australians what their data can do for them.
Neobank 86 400, which launched in September after securing its banking licence earlier in 2019, has unveiled a comparison tool called Energy Switch, which the bank says will allow customers to identify and switch to a better electricity deal without any manual data entry.
The free service, which will launch in one month, requires customers to email their latest electricity bill to 86 400 which then provides a new quote within minutes.
86 400 will present its customers with three competitive electricity plans, plus an estimate of how much money they would save each year. From there they can select the best provider to initiate the switching process.
The bank has partnered with energy comparison and pricing business, Accurassi, to develop the secure end-to-end electricity switching service.
Unlike other online comparison sites, 86 400 will not take any commission if a customer switches. The service currently only compares plans from Amaysim, Energy Australia, Momentum Energy and Powershop but plans to continue adding more providers to the list.
“Once a customer submits their electricity bill to 86 400, over 200 data points on that bill are analysed through the Accurassi database. Using this information, hundreds of electricity plans are compared to determine a better deal based on the individual customers’ electricity usage,” said Rob Bell CEO of 86 400.
“The whole process takes just a few minutes and requires no manual data entry from the customer.”
The products and services 86 400 builds are designed to help its customers get a better handle on their finances and ultimately save them money. For example, the app identifies upcoming bills, recurring subscriptions which may have been forgotten about and offers insights into their spending.
“Our Energy Switch service delivers on our purpose to help Australians take control of their money – prompting them to find a better energy deal and save time and money in the process. This isn’t about us making commission on the switch, but about giving customers the best independent analysis of their electricity bills. No ifs, buts or kick-backs,” Bell said.