Australia is responsible for a number of world-changing inventions, from Google Maps and the pacemaker to the black box flight recorder. We’re just as creative with our banking, superannuation and insurance, having invented the plastic bank notes many countries now use and the wi-fi we use for our online banking.
Every year, Canstar looks for the products being launched in the area of financial services to make our lives easier and more convenient. The products that Canstar judges to be the most innovative in their field are awarded a Canstar Innovation Award.
This year Suncorp has won a Canstar Innovation Award for its terrific BillSplitter app.
What is the product?
Suncorp’s BillSplitter is a new feature that allows customers to divide expenses among a group using the award-winning Suncorp banking app. When a bill comes in, you simply type in the amount and list everyone who owes a portion. An automated text message is sent to each person notifying them of the amount they owe, the due date for payment, and the best payment method. The app also sends IOU reminders and reconciles payments directly into your bank account – an Australian first.
BillSplitter takes the awkwardness out of chasing friends for money. Whether you’re paying the bill for lunch, splitting household bills with your flatmate, or organising a group holiday, BillSplitter makes managing group expenses easier. You can split the bill with anyone regardless of their banking institution of choice.
Suncorp’s research shows most of us rely solely on our memory to keep track of who has reimbursed us for household expenses (47%) and social or group expenses (74%), so this technology fills a clear need.
Free. Suncorp’s BillSplitter is available to all Suncorp customers free of charge.
• Secure. There is always a risk you might make a mistake when passing along your account details. BillSplitter minimises this risk by sending your account information for you.
• Easy to use. The Suncorp banking app has a user-friendly interface, making it clear and easy to use – even for first timers. The Suncorp banking app can be downloaded from the App Store for Apple devices or Google Play for Android devices.
• Fast. Customers can save contacts to BillSplitter to make sending notifications quick and simple.• Convenient. BillSplitter automatically identifies when group participants have paid into your account, so there’s no need to scroll through your transaction history to see who has and hasn’t paid so far.
This is an Australian first in terms of being a fully integrated bill sharing feature in an online banking application. There are other similar apps out there, but these resemble more of a budgeting or list tool to remind users of payments. It’s good to see Suncorp using technology to smooth the path for both our budgets and our friendships.