86 400’s new engagement play
86 400 has embarked on a 16-week campaign that will pick up the bills for its customers, encouraging them to use an account feature on its bank app.
The move signals an interesting way in engaging customers and also highlights how the neobank can be on the front foot in using data.
Branded as the Pay it Forward campaign, the bank will pay over 100 upcoming bills from Spotify subscriptions to utility bills at random each week which will total around 2,000 customer bills.
Customer will use 86 400’s Connected Accounts feature. This will enable customers to not only get total visibility of their money, but a better sight of all their regular bill payments and upcoming subscriptions in the ‘Coming Up’ tile on the app offer screen.
“We see so many acquisition and retention offers come into the market,” RFi Group managing director Julien Wilson said.
“It’s nice to see 86 400 using its platform and unique experience using data to add value to the customer in a way which will likely engender loyalty and advocacy.
“It also is an effective way to get customers to realise the further potential of engaging further with managing their finances through their app.”
The campaign will be supported with paid media and social media amplification, intended to drive advocacy and word-of-mouth referrals.
Customers will be notified by SMS and email and can win an 86 400 ‘merch pack’ by sharing via Twitter, Instagram, Facebook or LinkedIn, using the hashtag #86400payitforward and tagging @86400smartbank.
“As a new bank, advocacy is incredibly important to us and we are constantly looking for ways to delight and give back to our early and loyal customers, whether that’s through new products like Energy Switch, features to help save them money, or 86 400 merch they can wear out and about.” 86 400 Chief Product and Marketing Officer Travis Tyler said.
According to RFi Group data, nearly 1 in 4 consumers hold multiple transaction accounts with multiple providers.
One of the reasons consumers hold multiple accounts is due to having direct debits or bill payments attached to secondary accounts.
RFi Group data suggests that offering customers the opportunity to have a bill paid for them could be a valuable surprise and delight feature and may even encourage increased engagement with non-primary accounts.
86 400’s Tyler signaled further innovation in the pipeline.
“Over the coming months we’ll be continuing to add to our ‘Coming Up’ feature, improving the algorithm to predict more spending patterns, detect more bills and subscriptions and deliver further insights to help more customers stay on top of their regular expenses.
While we eventually intend to make bill shock a thing of the past, we’re hoping these random acts of kindness give lucky customers some much-needed bill delight in the meantime.”