The FinTech-backed energy services are arriving in rapid succession right now. In January, Australian digital bank 86 400 expanded its USP with an energy comparison tool. Now UK FinTech TotallyMoney has launched a service of its own.
The energy switching platform is estimated to be able to help customers save on average £260 per year.
The news comes after an Ofgem report revealed in November 2019 that £3.8bn was being lost across the UK due to being on the wrong energy tariff.
The services is another step in TotallyMoney’s plans to transform the way its customers make financial decisions.
“Energy switching is often treated as a purely purchase-oriented experience, which tries to rush customers through a hurried decision to switch energy,” said Anna Kuriakose, chief product officer at TotallyMoney. “With TotallyMoney’s energy profile, for the first time in the UK, consumers can explore how their energy tariff is benchmarked in their neighbourhood.
“Once their energy profile is live, customers get a constantly updated view of their projected savings as tariffs change and new ones are introduced.
“As a result, customers can make a considered decision to switch when it suits them best. We believe this gives customers true control over one of their biggest household bills.”
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