- 86 400 has revealed it will launch 'Energy Switch' in February, a feature which allows banking customers to save on electricity.
- The bank will take customers' bills, analyse them and within minutes promises to provide three cheaper alternatives.
- The app will show how much you're spending with your current provider and what you stand to save if you switch. If you choose to, it'll put you in touch with the new company to make the switch.
- Visit Business Insider Australia’s homepage for more stories.
Shopping around for the best energy deal isn't anyone's idea of a good time.
But as electricity prices continue to squeeze the proverbial Australian hip pocket, it's the latest method digital bank 86 400 is using to going after new customers, unveiling its new 'Energy Switch' feature.
“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," CEO Robert Bell said in a release issued to Business Insider Australia.
The feature, which is set to go live in February, offers to assess customers' electricity bills and within minutes come back with the three best alternatives it can find. While there's no shortage of comparison sites online, the point of difference 86 400 is claiming is both its independence and its automated nature
"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.
It comes as digital banks and even some of the big banks start offering new app features. From flagging unusually high bills and identifying wasted subscriptions to nagging you not to blow your tax return, banking apps are increasingly helping customers rethink their finances.
How does 86 400's 'energy switch' work?
Firstly, 86 400 customers need to email their latest bill for analysis. While emailing might seem a little basic for a wholly digital bank, there's a reason for it.
"Most Aussies get their electricity bills via email so we designed this part of the Energy Switch process with that in mind," a spokesperson told Business Insider Australia.
"Over 200 data points on that bill are analysed. [and] hundreds of electricity plans are compared to determine the top three plans available based on the individual customers’ electricity usage."
Once that's taken care of, 86 400 returns three counteroffers in just a few minutes. Importantly, the report it generates promises to clearly show what you're spending versus what it estimates you could save each year by switching.
Then, 86 400 says, it's as simple as making your selection. It shares your information with the new company which begins the process of moving your business over.
The digital banks have said that in order to disrupt the Australian banking system, you've got to do something the big four don't: put customers first.
If the system works as claimed, 86 400 might just start making good on that promise.