Understanding 86 Finance: A Modern Approach to Banking

86 Finance, often stylized as 86 400 (though the number itself holds no specific meaning), was a pioneering neobank in Australia, offering a digitally-driven alternative to traditional banking services. It distinguished itself through its mobile-first platform and emphasis on automation, aiming to simplify and streamline the banking experience for its customers.

Key Features and Offerings

At its core, 86 Finance offered a range of banking products typically found with traditional institutions, but delivered with a modern twist. This included:

• Everyday Accounts: These accounts provided transaction capabilities, debit cards, and real-time spending insights. Users could track their spending habits and manage their finances directly through the mobile app.
• Savings Accounts: High-interest savings accounts designed to help customers grow their savings faster. Features like automated savings goals made it easier for users to achieve their financial objectives.
• Home Loans: 86 Finance disrupted the mortgage market by offering competitive interest rates and a streamlined application process. The use of technology and automation reduced the time and paperwork traditionally associated with securing a home loan.

Technology and Innovation

Technology was at the heart of 86 Finance’s value proposition. The entire banking experience was centered around its mobile app, which provided a user-friendly interface for managing accounts, making transactions, and accessing customer support. Artificial intelligence and automation were used to personalize the customer experience, provide proactive insights, and streamline various processes. For instance, loan applications were assessed using automated systems, allowing for faster approvals and reduced costs.

Customer Experience

86 Finance focused on providing a superior customer experience through its digital-first approach. The app offered 24/7 access to account information and customer support. Chatbots and online resources were available to answer common questions, while human support representatives were readily accessible for more complex issues. The emphasis on simplicity and convenience aimed to make banking less of a chore and more of a seamless part of daily life.

Acquisition and Legacy

In 2021, 86 Finance was acquired by National Australia Bank (NAB). This acquisition marked a significant milestone for the neobank, demonstrating the increasing acceptance of digital-first banking models within the traditional financial landscape. While 86 Finance no longer operates as a separate entity, its innovative approach and customer-centric focus have influenced the broader banking industry in Australia. Its technology and learnings were integrated into NAB’s digital transformation strategy, paving the way for more modern and efficient banking services for a wider range of customers.

Ultimately, 86 Finance exemplified the potential of fintech to disrupt and improve the banking experience. Its legacy continues to shape the future of digital banking in Australia and beyond.