One year on: meet the 86 400 customers banking smarter and saving big
One year since it launched to the public, Australia’s first smartbank, 86 400, reveals how it’s delivering on its purpose to help every Australian take control of their money – surfacing unused subscriptions, bloated bills and unfair late fees, and saving early customers more than $3,000.
From Mackay to Melbourne, and Brisbane to Broome, 86 400 customers young and old are taking full advantage of the bank’s smart products, features and home loans, enabling them to spend sensibly and save more with fewer money worries.
“In one year since launch we have delivered more products and features than any other new bank – but what we are really proud of is the impact those products and features are having” said Robert Bell, CEO of 86 400. “Our customers are telling us they’re more on top of their upcoming bills, earning bonus interest like never before and thrilled by the amount they’re saving on their home loan.”
Bank smart and save
The $3,000 in savings includes an extra $200 in bonus interest (1), with over 90% of deposits held with 86 400 earning bonus interest each month.
Also helping to put money back in customers’ pockets, 86 400’s commission-free Energy Switch service has already identified $270,000 in energy bill savings since it went live in March 2020, with over 70% of those who used the service finding a better deal, and an average saving of $200 p.a.
Those customers making the biggest purchase of all have also enjoyed the biggest savings. Australians who have bought or refinanced their home with 86 400 are up to $2,300 p.a. (2) better off, with approvals times in as little as a few hours.
And finally, customers using 86 400’s ‘Coming Up’ feature have seen savings up to $550 from cancelling unused subscriptions and avoiding late fees.
86 400 customers stan a streaming service
86 400’s ‘Coming Up’ bill predictor is one of its most popular features with customers, identifying over 40,000 recurring payments every day across all their connected accounts. So far this financial year, the most frequently recurring bills predicted were:
- Spotify
- Netflix
- Stan
- Optus
- Telstra
Meet the Australians banking smarter
Think smart banking is just for Gen Z and Millenials? Think again. 86 400 customers range in age from 16, all the way up to 93 years-old.
Daniel Feodoroff, 21, from South Sydney said: “I have so many direct debits with different banks that being able to see them all in one place helps me finally feel in control of my finances. I can make sure I have the right funds, in the right place, at the right time – which means no more late, dishonour, or overdrawn fees. My other banks must be wondering why they’re no longer able to make money from me!”
Roland Postma, 25, from Melbourne said: “It took me two minutes to sign up for an 86 400 account while I was catching the train home from work one afternoon. It was so fast to set up and such an easy process that I’ve since opened a shared account with my partner. The Coming Up bill feature is great, along with being able to see all my accounts in one place. It all helps with knowing where my money is, as well as what’s coming in and out.”
Josh Lobo, 36, from Sydney said: “When my broker put a completely digital home loan solution on the table, I was curious. I work for a fintech and was instantly intrigued by a neobank offering. They won me over with their really competitive rates, saving me a bunch of money by jumping over. I’ve been super impressed by the painless signup process and by just how easy the app is to use.”
Travis Tyler, Chief Product and Marketing Officer of 86 400 said: “We set out to build a new type of bank, which would actually help Australians feel in control of their money, rather than profit from their mistakes. After a year in market, all the evidence shows we’re already making good on that purpose – but there’s plenty more we can do, and we’re just getting started.”
For more information visit www.86400.com.au, or open an account via the App Store or Google Play.
One year in market – update on numbers:
App, loans and deposits:
- Over 255,000 accounts on the 86 400 platform
- More than $360 million in customer deposits
- More than 650,000 transactions and balance updates on the app each day
- Over 40,000 Coming up bills being predicted daily through the app
- Over 2m Coming Up bills predicted so far this financial year
- Over $1b in transactions last financial year
Advocacy and satisfaction:
- Net Promoter Score (NPS) of 48.8
- 3,500 feedback emails received
- 2,000 votes on the public roadmap
- 3,700 NPS survey responses
- 1,500 pieces of written feedback received
- Google PlayStore rating of 4.6 stars
- Apple AppStore rating of 4.5 stars
(1) This is based on a balance of $28,000 and compared to what customers would have earned with the Big Four banks.
(2) Calculations are based on savings in the first year on the average loan size of $363,775, over a loan term of 25 years.
