Mon, 15th Jul 2019 07:00
GoCompare - part of GoCo Group plc -partners with CYBG
GoCompare, a leading UK financial services, utilities and home services comparison website, has partnered with CYBG to bring market-leading energy switching to customers of B, CYBG's digital banking service with over 300,000 users nationwide. Of the B customers with energy direct debits, 76% are currently with one of the UK's 'big six' energy suppliers, so there is a significant opportunity for its customers to save money by switching.
The new service launched 10 July 2019 and is powered by SaveStack, GoCo Group's proprietary tech platform, which enables us to innovate at speed and reach consumers wherever they are, however and whenever they want, including through brands outside of the Group.
SaveStack allows B customers to quickly and easily find and switch to better energy deals, all within the B mobile banking app. As the GoCompare energy switching service is integrated with B, their customers' details are used to pre-populate a lot of the questions needed to carry out an accurate comparison, making the process as hassle-free as possible.
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. With savings of up to £375 not uncommon*, B customers could be paying significantly less for their gas and electricity very soon."
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."
For further information:
GoCo Group plc
t: 01633 654 731 / 07702 901247
Chris Barrie / Jos Bieneman / Elizabeth Kittle
Citigate Dewe Rogerson
t: 0207 638 9571
Notes to editors
* £375 - The approximate amount consumers on a Standard Variable Tariff could save by switching to the cheapest tariff in the market. Source Ofgem, April 2019 https://www.ofgem.gov.uk/publications-and-updates/infographic-bills-prices-and-profits
About GoCo Group plc
GoCo Group plc (GOCO) operates GoCompare, a leading UK financial services, utilities and home services comparison website; weflip, an innovative switching service that uses technology to automatically flip people onto cheap energy tariffs, forever; MyVoucherCodes, which is a digital media and affiliate marketing specialist that connects consumers with money saving offers from the world's leading brands and Energylinx, an established energy switching and comparison service with more energy supplier relationships than any other UK comparison provider.
GoCompare attracts approximately five million visits every month and is designed to help people save time and money. When GoCompare launched in 2006 it disrupted the insurance market as the first comparison website to display policy details rather than just listing prices. GoCompare's goal was then, and still is now, to help people make better-informed buying decisions that save them time and money.
weflip is a completely free to use automatic switching service. After customers sign up, weflip simply switches them onto better energy tariffs automatically, doing all the hard work on their behalf, so they never have to worry about overspending on energy ever again.
Industry-leading MyVoucherCodes is one of the UK's biggest discount voucher websites. It launched in November 2006 and provides sales, discount and voucher code information to millions of consumers across the UK every month. MyVoucherCodes also powers the services of GoCo Vouchers, Sun Vouchers and Express Vouchers.
Energylinx is a domestic and business energy comparison and switching service that, through its market leading supplier relationships, helps its customers find, compare and switch to the best value energy tariffs. Based in Alloa, Scotland, Energylinx is also a trusted provider of white-labelled energy comparison services to over 200 partners, including some of the UK's best-known consumer organisations, including Which?. Energylinx is fully accredited under the Ofgem Confidence Code. GoCo Group plc uses data gathered from more than 20 million customers over the last 12 years to underpin its drive to continually improve its proposition and leverage its strong position. The Group is also an investor in Souqalmal.com, the leading comparison business in the Middle East; and in promising fintech start up MortgageGym, the mortgage robo-adviser.
CYBG PLC is the UK's sixth biggest bank offering a true alternative to the status quo in banking. Operating under the Clydesdale Bank, Yorkshire Bank, B and Virgin Money brands, we are the only Bank outside the 'Big 5' that boasts a genuine full-service retail and SME capability. We serve over six million customers across the UK through an omni-channel model of online, mobile and telephone banking and we have a national network of 250 branches and business banking centres.
Our ambition is to use our expertise to make dealing with money matters a happier experience, by offering the best service in UK banking and providing customers with market-leading functionality and innovative products, supported by robust technology and a first class, personal customer experience.
In February 2016, we completed our IPO from National Australia Bank, regaining our independence for the first time in almost 100 years. CYBG completed the acquisition of Virgin Money on 15 October 2018, enhancing the Bank's scale and national footprint.