GoCompare strikes Open Banking deal with Virgin Money owner CYBG

Comparison website GoCompare has partnered with Clydesdale Bank owner CYBG to bring energy switching services to customers that use the lender’s digital banking service, called B.

The group plans to gradually phase out the Clydesdale Bank branding following its Virgin Money swoop. Picture: John Devlin

GoCompare owner GoCo Group noted that of the B customers with energy direct debits, 76 per cent were currently with one of the UK’s so-called Big Six energy suppliers, providing a “significant opportunity for its customers to save money by switching”.

The new service, which is now live, is powered by SaveStack, GoCo Group’s proprietary tech platform. It allows B customers to search and switch energy deals within their mobile banking app.

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Hannah Iles, director of platform services at GoCo Group, said: “Our ambition is to save people time and money using technology and we’re moving at speed to open up our platform SaveStack. This is demonstrated in this partnership.

“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.”

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.”

CYBG recently confirmed plans to overhaul its brand in the next two years following its £1.7 billion Virgin Money takeover.

The Glasgow-headquartered group will begin to rebrand under the Virgin Money name this year, calling time on the centuries-old Clydesdale brand. Its digital service will also begin to transition to the Virgin Money name.