Digital bank Revolut has announced a new price comparison feature for its users. Working with Decision Tech, Revolut has launched “Essentials” to enable users to more easily switch and save on various services such as gas, electricity, and broadband.
The Essentials feature is available now to UK customers who will need to update their Revolut app to the latest version.
According to Revolut, Decision Tech’s white-labeled B2B capability means it will be able to offer its UK customers personalized comparison and switching services, giving access to a range of suppliers and exclusive deals via the Revolut app. Revolut uses the example of “Standard Variable” energy tariffs for their electricity and gas. These cost up to £300 more than more economical offerings. Users may switch to more affordable services in just a few clicks, says the bank.
Decision Tech is part of the Moneysupermarket Group that reports having helped millions of families save over £2 billion on their household bills in 2019.
Michael Phillips, CEO of Decision Tech, said this is a big milestone in Decision Tech’s success in building out Moneysupermarket’s B2B capability.
“Thanks to the tie up between Revolut’s open banking data and Decision Tech’s switching platform, customers can switch their energy, broadband or TV and mobile phone providers without having to leave the app,” said Phillips.
Mark Lewis, CEO of Moneysupermarket Group, explained that their strategy is about helping people save money by making price comparison as easy as possible. Revolut is one of the first Fintechs to partner with a B2C price comparison platform.
Marsel Nikaj, Head of Savings at Revolut, said they believe that Essentials can help “millions of our UK customers save on their gas, electricity, broadband, mobile, and TV bills, so they can get more out of their money.”
