Digital bank 86 400 has unveiled another feature to woo potential customers: Energy Switch.
The new service is a tool that enables customers to compare and switch between different electricity providers’ deals.
Energy Switch will officially drop in February, according to Which-50.
Founder and CEO Robert Bell launched 86 400 two years ago. Since then he has led the company through the process of getting it banking licence in 2019 and is now starting to flex the company’s muscles.
Energy Switch is the latest in a string of service announcements that also includes a home loans service, unveiled in November.
“We’ve partnered with energy comparison and pricing specialists, Accurassi, to develop our secure end-to-end electricity switching service, Energy Switch,” Bell told savings.com.au.
“Once a customer submits their electricity bill to 86 400, over 200 data points on that bill are analysed through the Accurassi database.”
Once that is done, 86 400 will be able to provide alternative deals to their customers.
86 400, named after the number of seconds in a year, is one of the many new digital-only banks to have emerged in Australia over the past few years.
The new wave has been driven by more welcoming legislation as well as the incumbent banks facing a major crisis of trust after a big government probe revealed systemic misconduct among those banks.
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