If one of your goals for 2020 is to sort your finances, a new tool could help you save big.
Smartbank 86 400 is launching a new product to help Australian homes get a better deal on their electricity bill.
The service, Energy Switch, will be launched in February and will make the smart bank the first financial institution in Australia to independently evaluate the electricity expenditure of its customers.
The product is the last of the bank that was launched in September last year and will use smart technology to help customers find a better offer.
Consumers will not even have to enter data manually, as it will be as simple as sending an email to the bank and receiving a quote in a matter of minutes.
86,400 CEO Robert Bell said the service would present three competitive electricity plans to consumers, plus an estimate of how much they would save each year.
“Our Energy Switch service serves our purpose of helping Australians take control of their money, prompting them to find a better energy agreement and save time and money in the process,” he said.
“It’s not about us making a commission for the change, but about offering customers the best independent analysis of their electricity bills.”
Bell told news.com.au that Energy Switch was at the center 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.
Bell said 86,400 realized he could use his smart technology to get people to control his money again.
“This is the first step in trying to help people save and take control of their money,” he said.
The bank has been testing the function with clients who initially did not believe that the bank was not making a commission on it.
“Energy Switch is 100% independent and is a genuine comparison and exchange program. It really is for the right reasons and it is 100 percent independent, “Bell said.
Customers of the application will be asked to use the service and 86 400 will even help consumers to change as well.
“We have a secure connection with energy providers and only relevant information is transmitted to change,” Bell said.
“The supplier initiates the change by contacting the customer, but we have reduced all the necessary manual paperwork steps.”
The tool was developed with Accurassi, which also created the data services behind the NSW government’s Energy Switch tool, which bears the same name.
The government power switch allows people to compare the plans of all household electricity and gas providers.
It has saved New South Wales households an average of $ 420 per year, and current data of 86,400 suggests that in most of Australia most households would also save the same using their tool.
The tool will be released for 86,400 in February.