Retail banking, Tech and Innovation

CYBG Partners with GoCompare to Launch Energy Switching Service

  • New partnership with GoCompare enables CYBG’s B customers to easily compare and switch energy providers directly in their banking app
  • B Smart is the first energy comparison and switching service offered by a UK bank
  • The full switching incentive of up to £40 will be credited to the customer’s account within 45 days

CYBG and GoCompare have agreed a new partnership offering a market-leading energy compare and switch service for all CYBG’s B customers.

The new service, B Smart, which has now launched, enables B customers to find a better value energy supplier within the B mobile banking app by searching the market for alternative suppliers. The service is quick and simple to use, with pre-populated switching forms using information already held within the app.

Three-quarters of B customers with energy direct debits are currently with one of the ‘big six’ energy suppliers. 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*.

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.”

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.

“CYBG have been the perfect partner for this as they share our belief that tech and product development can and should be used to make money management as simple as possible, helping people to take control of their finances with minimal hassle.”

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 new B Smart app is available in B Store. Launched last year, B Store is a marketplace of CYBG digital services which supports day-to-day financial and lifestyle needs. Created and developed with B customers, the team behind the new innovations are using the Bank’s digital capabilities to be at the forefront of emerging technologies. Since launch in 2016, almost 300,000 customers have signed up for the B digital bank.

*Source Ofgem, April 2019.