Virtual IOUs Take The Headache Out of Splitting Bills

1 May 2015

Splitting bills will no longer be a headache for Suncorp Bank customers, with the launch of a new feature on the Bank’s award-winning Mobile Banking App today.

The new BillSplitter(R) feature allows customers to send virtual ‘IOUs’ to contacts within their phone, automatically record incoming payments, send reminder texts to prompt outstanding payees, and deposit money directly into the customers’ Suncorp Bank account.

Suncorp Bank Digital Banking Manager, Simon Clarke, said Suncorp Bank is Australia’s first bank to offer a bill splitting feature as part of its app.

“Splitting bills can be a headache for customers and the additional mobile feature was designed to simplify the often convoluted process,” Mr Clarke said.

“We wanted to create something that was easy-to-use, and removed the often awkward conversation which can result from splitting bills with friends, family, or roommates.”

Recent Suncorp Bank research found that more than half (59 per cent) of 18-30 year olds who share expenses use text messages, phone calls, or even a humble note left on the fridge to keep track of split bills.

“BillSplitter combines these trusted methods in one easy-to-use platform, which can fairly divide anything from an electricity bill, to sharing the cost of a restaurant meal or group holiday expenses, so that no one is left short-changed,” Mr Clarke said.

“Customers are increasingly turning to digital banking methods. Since the launch of the Mobile Banking App in December 2013, Suncorp Bank has seen an increase of 62 per cent in mobile banking activity, with more than 260,000 customers using the app.

“Additionally, a recent Suncorp Bank report revealed Australians (18-64) collectively spent around $20 billion on technology and communication devices in the last 12 months, and use their personal devices for 5.8 hours a day.

“These figures reinforce the need for digital innovation, and through the creation of features, like the BillSplitter, we are supporting our customers to remain financially fit in a digitally-connected world.”

While the bill-payer must hold a Suncorp Bank account to access the app, the BillSplitter feature is compatible with customers from any financial institution.

“We listened to our customers throughout the development process of BillSplitter to ensure we delivered a product which is customer-friendly and, most importantly, adds real value to their everyday life,” Mr Clarke said.

“The end result is a stream-lined solution that splits the bill at time of purchase and keeps track of payments, with an option to send a timely reminder to outstanding payees – so you don’t have to.”

BillSplitter was born out of a Suncorp Group innovation day. Held over a 24 hour period, innovation days invite Suncorp’s business and IT colleagues to collaborate and deliver an innovative idea or product that results in an ‘amazing customer experience.’

BillSplitter can be accessed via Suncorp Bank’s mobile banking app.

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Media Contact:
Ashleigh Paterson 07 3135 2562 or 0407 925 665
Meghan Henricks 07 3135 2647 or 0408 533 590

About Suncorp:
Suncorp Group includes leading general insurance, banking, life insurance and superannuation brands in Australia and New Zealand. The Group has 14,500 employees and relationships with nine million customers. Suncorp Group Limited is a Top 15 ASX-listed company with $94 billion in assets. Suncorp Bank is Australia’s leading regional bank servicing more than one million personal, SME and agribusiness customers.