86 400, Australia’s first smartbank

Two years of qualitative and quantitative research went into creating 86 400 to understand problems Australians have when managing money. The key take-outs were: People have gone from making 30 - 300 transactions a month 65% have more than one bank account with multiple banks and 88% have regular subscription services, memberships being automatically debited This complexity of constant money coming in and out are leaving Australians feeling anxious, stressed and frustrated. This is the challenge that 86 400 set out to solve: to design an innovative bank that would leverage smart technology to help Australians take control of their money.

An experience that is smart, yet simple is crucial to the success of 86 400 – to bring new customers to the bank, but to drive advocacy and loyalty of customers i.e using 86 400 as their main financial institution. We’re quickly growing with tens of thousands of people now banking with 86 400. We have over 170,000 accounts on the platform and see more than 350,000 transactions and balance updates each day. We have an NPS score of +46 (Big 4 banks average 2.1) putting us at the top of the banking sector.

Social impact: For a long time the only options for Australians to bank were the Big 4 banks. We're providing a smarter alternative to how Australians currently bank by providing them with their full financial picture, useful insights into their money and helping them make meaningful savings in a simple, clean app. We're here to help Australians take control of their money.

Our mission is to help Australians take control of their money. We built 86 400 with frameworks and experiences that focused on trust, emotion and simplicity. We enable customers to connect all their bank accounts to get a view of their whole financial picture. We deliver powerful insights to help them feel on top of things, like automatically predicting upcoming bills and subscriptions from all their accounts, not just their 86 400 ones. It takes less than 120 seconds to join and start spending straight away through instant provisioning of Apple Pay and Google Pay, which allows you to fund and use your account straight away without waiting for your debit card to arrive. We provide helpful insights to customers instead of catching them out, like nudging them to deposit money into their account before the month is out so they can activate their bonus interest. We are the first bank in Australia to deliver a commission-free service that will allow customers to check if they are on the best electricity plan possible, and switch in our app to a better plan. Additionally, we build these features on a design aesthetic that promotes trust, simplicity and customer core outcomes.