The B Smart app enables customers of CYBG's B digital banking app to search, compare and switch energy tariffs using GoCompare's aggregation tools
Customers at CYBG’s digital banking offshoot can now switch their energy supplier using the new B Smart app – after it teamed up with GoCompare.
The service has been launched by B, the online personal finance product provided by the UK’s sixth biggest bank, to give users the ability to search, compare and switch to different energy providers using GoCompare’s price comparison aggregation tools.
It offers the potential for savings on household bills, as well as switching incentives of up to £40 ($49).
Ofgem, the UK regulator for gas and electricity markets, estimates consumers could save as much as £375 ($463) a year by switching to an alternative utility provider.
CYBG head of customer propositions Pete Dockar 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.”
B Smart app an example of open banking in action
B launched in 2016 as a mobile-first digital addition to the CYBG roster, which includes the Clydesdale Bank, Yorkshire Bank and Virgin Money brands. All three traditional banks will rebrand to Virgin Money by 2021.
Now with almost 300,000 customers on its books, B offers a current account, savings account and credit card that can be managed directly through the B app.
It offers many of the features associated with modern tech-driven banking apps, such as spending notifications, budgeting tools and biometric security.
The partnership with GoCompare – one of the UK’s most popular price comparison websites – is an example of lenders engaging with open banking to deliver innovation to customers from the data accrued from their financial activities.
CYBG says that 75% of its customers with direct debits for energy bills currently get their gas and electric services from one of the “big six” energy companies in the UK – which are often not the cheapest options.
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.”
B Smart app available via CYBG digital marketplace
The B Smart app is available to customers via the B Store – an online marketplace for CYBG digital services for “day-to-day financial and lifestyle needs”.
UK banks are increasingly turning to marketplaces as a way to integrate a range of separate services with their digital finance products – from pensions to insurance and now energy supply.
Open banking data sharing allows this blending of traditional finance services with other consumer products, giving banks the opportunity to reach customers in new ways with offers more tailored to individual needs.
Hannah Iles, director of platform services at GoCo Group, said: “We’re all about saving people everywhere time and money, and this includes reaching people with our services at times and in places that are convenient to them.
“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.”