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billsumo [SMART 100, 2016]

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This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.

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1. THE BEGINNING

This innovation initially came to life when…

The Billsumo story starts at Queensland Country Credit Union, with a signature budgeting product which was ripe for redevelopment. Identifying that this product had broader market appeal Billsumo was launched.

2. WHAT & HOW

The purpose of this innovation is to…

Remove the stress and anxiety associated with paying bills and help people achieve their financial goals faster.

It does this by…

Setting up an agreement between the financial institution and the customer. Billsumo identifies the customers known bills for the 12 months ahead. The total of these bills are then divided by the number of pays the customer is expected to receive.  The whole budget is then smoothed into equal payments. Additional bills and savings goals can be added to the agreement along the way.

3. PURPOSE & BENEFITS

This innovation improves on what came before because…

The customer makes one regular payment to their Billsumo account and as long as this repayment is made then, regardless of the balance of the account, the allocated bills will be paid. The product provides cash-flow smoothing for individuals and sits within their already trusted financial institution.

Its various benefits to the customer/end-user include…

Billsumo allows the customer to budget for the coming year, knowing that all of their bills are taken care of. By providing one regular repayment, the customer no longer needs to worry about the “lumpy” way bills arrive. No more late fees or penalty charges.

4. COMPETITIVE LANDSCAPE

In the past, this problem was solved by…

Credit cards and borrowed money which would be used to help make ends meet when large or unexpected bills arrived at the same time. Interest charges and penalty fees would only compound the issue.

Billsumo differs in that it lets the customer’s account be overdrawn as long as they have made their regular repayments.

Its predecessors/competitors include…

The only direct competitor is the MyBudget product. Other PFM tools allow the customer to budget and track spending but do not allow for the cash flow smoothing or facilitate the paying of the bills.

5. TARGET MARKET

It is made for…

Anyone that has regular bills – “it has mass market appeal”. It can either be used as a premium service i.e. I just want my bills taken care of or to assist struggling customers with their debts. It also helps if you are saving for something significant – the savings feature provides a disciplined approach to help customers achieve their financial goals faster.

It is available for sale through…

A selected number of Credit Unions and Mutuals currently offer Billsumo as a white label product – with more to come on board soon.

Our marketing strategy is to…

Enable the 6+ million members of Credit Unions and Mutuals in Australia access to Billsumo – removing their bill stress and making their lives easier.

Personal financial stress is not isolated to Australia – Next we will look offshore to see how many more people we can help.

FINE PRINT: This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.

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