Table of Contents

Overview

Benchmarking

Open Banking Model

Funding

Partner Merchants

Technology Focus

Products & Services

Significant Events

Key Employees

Appendix

Competitor Profile: 86 400

Summary

86 400 is an Australian mobile-only bank founded by Anthony Thomson, who previously founded Metro Bank and Atom Bank. The name 86 400 comes from the number of seconds in the day, alluding to the bank being there for the customer every second of every day.

The bank is fully licensed, has no branches, and while it has a website, products can only be bought through its mobile app. 86 400 offers current and savings accounts, as well mortgages for occupational and investment property. The bank pays a 2.1% easy-access interest rate, with most of that consisting of a bonus rate. 86 400 is owned by Cuscal, which itself is part-owned by Bendigo and Adelaide Bank and Mastercard.

This report provides information and insight into 86 400, including comprehensive coverage of its products and services, a comparative assessment with key competitors, information on its performance and revenue model, and a breakdown of its most important events and milestones.

Scope

- 86 400 has digitized and automated almost the entire mortgage process, including ID verification, credit scoring, loan origination, property valuation, and financial document collation.
- This has allowed the bank to claim its approval process for a loan can be six times faster than incumbent Australian banks.

Reasons to buy

- Gain insight into 86 400’s business operations and key events.
- Explore its product portfolio and open banking model.
- Assess the competitive dynamics in the retail banking industry by comparing 86 400’s performance against competitors.