Our core company value is to help Australian’s take control of their money. So the 86400 team have designed and built a smart bank that helps Australian’s take control of their money.– Robert Bell, CEO, 86400
About Bank
| CEO | Robert Bell |
| Year of launch | 2019 |
| Headquarters | Australia |
| Customer reach | 85,000 |
| Revenue (2020) | (USD 0.79 million) |
| Net loss (2020) | (USD 16.77 million) |
Product stack analysis
Table 1: Unique value propositions offered by 86400
| Payments | – Split payments – Recurring payments – Wearable technology – Alternate ID – Bills and subscriptions |
| Expense management | – Account aggregation – Create up to 3 “Save” accounts with 1.20% p.a. across all “Save” accounts – Shared “Pay” accounts for group finances |
| Rewards and offers | – Customer acquisition rewards – Rewards for referral – Other rewards: Cashback for settling loans before the specified date (Subject to change) and bonus interest rates |
How can you match up with 86400:
- Offer personalised credit services to your niche market to increase revenue.
- Embrace digital advancements such as wearable banking to embed yourselves in customers everyday life.
Top priorities for 86400:
To compete with the other neobanks in Australia and the Asia-Pacific, leaders of 86400 like you could focus on the following:
- You could integrate third-party operators and provide personalised rewards and offers on e-commerce, entertainment, travel, and utility to encourage customers to spend and save more. This will help you expand your customer base and revenue generated.
- To attract more millennial customers, you could offer tailor-made services. For example, instead of offering two card colours- aqua and purple- you could allow the customers to choose their preferred colour or designs.