GoCompare has partnered with CYBG to provide switching services to more than 300,000 customers of digital banking app B.
CYBG is a holding company which also owns Clydesdale Bank, Yorkshire Bank and Virgin Money. GoCompare meanwhile already owns automated switching service Weflip, which it launched in October last year.
Of the B customers with energy direct debits, more than three quarters (76 per cent) are big six customers, and GoCompare says it sees a “significant opportunity” for customers to save money by using the service and switching.
The new service is powered by SaveStack, GoCo Group’s proprietary technology platform, which allows customers to search for energy deals within B’s app.
With both services being integrated, the details of customers are used to pre-populate the answer fields to questions needed in order to carry out the comparison.
Hannah Iles, director of platform services at GoCo Group plc, said: “Our ambition is to save people time and money using technology and we’re moving at speed to open up our platform SaveStack to provide more savings opportunities to more people than ever before.
“This is demonstrated in this partnership where we’re integrating our leading energy services with CYBG to encourage their customers to ditch bad energy deals for good.
“With such woefully low engagement in the energy sector, it’s a turning point to be able to connect with people in their banking apps which form an important part of many people’s day-to-day money management habits.
“This partnership will remove the barrier – perceived or real – that some people face when it comes to finding and switching to fair energy deals.”
Richard Farmer, sales and marketing director at communication specialists Opus Trust Communications, said the expectations of customers are evolving.
He added: “Consumers want a multi-channel approach when communicating with their service providers, and it appears that GoCompare also understand the importance of adapting to their customers’ needs.
“They have utilised new technologies to improve their customers’ experiences as they will now be able to search for new and cheaper deals faster than ever before. Other major providers need to take note of such advancements in order to satisfy their customers’ changing needs going forward.
“However, we would caution that following on from the findings of an independent report we commissioned late last year, customers still want choice. Although we’ve seen consumers become increasingly open to switching to a digital-only solution for their communications, a multi-channel approach is vital to meet all preferences.”
In May another banking app, Monzo, partnered with challenger energy suppliers Octopus and Ovo, allowing their customers to switch via the banking app.
The bank’s customers are only able to switch to either Octopus or Ovo and customers can pay their energy bills through their Monzo bank accounts.
The app will send customers a reminder when they are able to switch their tariff or supplier.