How to save thousands ‘within minutes’
IF ONE of your 2020 goals is to get your finances in order, a new tool could help you save big.
Smartbank 86 400 is launching a fresh product to help Australian households to get a better deal on their electricity bill.
The service, Energy Switch, is set to launch in February and will make the smartbank the first financial institution in Australia to independently assess its customers' electricity spend.
The product is the latest from the bank that launched in September last year and will use smart technology to help customers find a better deal.
Consumers won't even have to do any manual data entry, as it will be as simple as sending an email to the bank and receiving a quote within minutes.
86 400 CEO Robert Bell said the service would present consumers with three competitive electricity plans, plus an estimate to how much they would save each year.
"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," he said.
"This isn't about us making commission on the switch but about giving customers the best independent analysis of their electricity bills."
Mr Bell told news.com.au that Energy Switch was at the core of what 86 400 wanted to achieve for its customers.
"People spend a lot on energy bills, so it was an obvious area where we could help people save some money," he said.
Mr Bell said 86 400 realised that it could use its smart technology to put people back in control of their money.
"This is the first step into trying to help people to save and take control of their money," he said.
The bank has been testing the feature with customers who initially did not believe the bank wasn't making a commission on it.
"Energy Switch is 100 per cent independent and is a genuine compare and switch program. It genuinely is for the right reasons and it's 100 per cent independent," Mr Bell said.
App customers will be prompted to use the service and 86 400 will even help consumers switch as well.
"We have a secure connection with the energy providers and only the relevant information to switch is passed on," Mr Bell said.
"The provider then initiates the switch by contacting the customer, but we have reduced all of the manual paperwork steps required."
The tool was developed with Accurassi, which also built the data services behind the NSW Government's Energy Switch tool, which bears the same name.
The government's Energy Switch lets people compare the plans of all household electricity and gas providers.
It has saved NSW households on average $420 per year, and 86 400's current data suggests that across Australia most households would also save the same using their tool.
The tool will be launched by 86 400 in February.