GoCompare has signed a deal with financial services platform Bud to allow customers to switch energy provider via a banking app.
The new service will use Bud’s Open Banking services alongside GoCompare’s comparison and switching services to recognise and compare utility bills.
This means customers will be able to use data from their bank account to pre-fill a lot of the questions needed to carry out an accurate comparison.
Open Banking was rolled out last year and allows startups to work with banks to enable people to bring data from different accounts together into one place, and many banks now offer this in their apps.
Hannah Iles, director of platform services at GoCo Group, said: “At GoCo Group we’re on a mission to help people save money in the simplest way possible and are excited about the opportunities that connected technology and open data can deliver.
“Our proprietary tech platform SaveStack, in combination with Bud’s intelligent financial services marketplace, creates a powerful product for banks and their customers.”
Edward Maslaveckas, chief executive and co-founder of Bud said: “The advice we give to banks almost every day is that open banking, whilst a powerful tool for the industry, is meaningless to their customers unless it actually makes a difference to their lives.
“That’s the significance of deals like this. They demonstrate that the infrastructure and partnerships are now in place to deliver.
“They paint a picture of what is possible and how banks can use that to help people in ways that build a more loyal customer base and create revenue at the same time.”
Last month GoCompare announced a partnership 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.
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.