U.K. Bank CYBG, under its "B" mobile bank brand, and U.K. shopping site GoCompare have agreed to a new partnership offering an energy compare and switch service for all CYBG’s B customers.

The new service, B Smart, which has now launched, enables B customers to compare energy suppliers via the B mobile banking app

The service includes pre-populated switching forms using information already held within the app.

Hannah Iles, Director of platform services at GoCo Group said: "By partnering with CYBG we can bring our energy comparison and switching capabilities right into their banking app, so that finding and switching to great energy deals is easier than ever."

As previously reported by RetailEnergyX.com, another digital bank, Monzo, is offering retail energy via its app, but Monzo's service offers supply from two selected suppliers (OVO Energy and Octopus Energy), rather than a larger comparison service

Three-quarters of B customers with energy direct debits are currently with one of the ‘big six’ energy suppliers, CYBG said

"These are typically not the cheapest option, offering a significant opportunity for customers to save money by switching, taking advantage of CYBG’s digital banking platform and the benefits available through Open Banking. According to Ofgem, the potential saving for switching from a standard tariff to the cheapest is almost £375," the companies said

Pete Dockar, Head of Customer Propositions at CYBG said: "Our customers know we are not a typical bank – we want to help our customers make the most of their money so they can spend it on the things that matter most to them. B Smart is further proof of our relentless ambition to put our customers first in all we do and not be constrained by traditional banking products and services."

Sam Bedford, Head of CYBG’s Accelerator said: "This partnership is a great example of our ability to work at pace to develop new digital experiences for customers which go beyond banking. Having been early adopters of Open Banking, our new partnership with GoCompare has launched the first energy comparison and switching service for bank customers in the UK. With just a few clicks, customers have the potential to save hundreds of pounds on average by switching energy provider without leaving their B mobile app."

"As a service focused on expanding the customer proposition, the full switching incentive commission of £40 for dual-fuel and £20 for single-fuel will be transferred directly to customer accounts within 45 days of them moving providers," the companies said

Since launch in 2016, almost 300,000 customers have signed up for the B digital bank.

Tags:
U.K.   Innovation   CYBG   GoCompare  

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