86 400 describes itself as “Australia’s first smart bank.” With features designed to challenge online banking’s pre-existing format, the organization looks to be making significant advances in smart banking and what exactly a customer can see. Named after the number of seconds in a day, 86 400 aims to put customers in control of their money for every single one of those. 86 400 is fully regulated and licensed, and is backed by Cuscal, Australia’s biggest independent payments company. All deposits up to $250,000 are guaranteed under the Australian government’s Financial Claims Scheme.
One of the main draws of 86 400 is the sheer amount of information provided to the customer. Whether it’s a matter of tracking the general direction of your savings account, keeping track of and predicting monthly outgoings that you may have otherwise forgotten about, or the ability to examine accounts from over 150 financial institutions, 86 400 offers far more scope over your financial situation. Comparatively, the vast majority of banking apps will fail to account for other bank accounts and financial institutions, meaning that customers would have to check a series of applications to get a fuller idea of their financial status. In this regard, 86 400 excels over the majority of financial institutions.
86 400 also aims to make saving a lot easier for its users. With an interest rate of 2.25% per annum, customers are rewarded for keeping their money with 86 400, even to the extent that the company will give savers a little nudge along the way if your saving isn’t entirely on track. In addition to this, savers aren’t punished for using their saved-up money. You can make a payment any time, whether through your card, phone, or smartwatch, without any penalties. This puts 86 400 a step above its competition, as the vast majority of companies apply penalties in cases where someone needs to dip into their savings. 86 400 don’t do this, stating that “It’s your money after all.”
While this aspect isn’t unique to 86 400, many financial startups come with a higher level of risk than entrusting your money with a bigger financial institution. This can be because the team isn’t as experienced as it needs to be. The startup lacks the institutional structure to get through increased pressure times, or there isn’t enough uptake to keep the company sustainable. Investing your money in any financial startup is always something of a risk, even in cases that seem to be very well set out and organized such as 86 400. In this specific case, the risk is mitigated to an extent by the involvement in Australia’s Financial Claims Scheme.
86 400 ultimately seems like a very well thought out institution. A lot of the financial world seems to be very centralized, with many emphases placed on larger banks that dominate the landscape, and the individual’s issues often get lost. 86 400 puts the individual first, allowing each user to get a fuller idea of their financial situation and better understand how they can improve their situation. 86 400 fills in a much-needed gap in the market, a banking solution that offers a significant step forward for those who choose to use it.