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CBA to accelerate digital offering

by Sarah Buckley10 minute read
CBA to accelerate digital offering

The major bank has said that it aims to “be at the global forefront of the digital experience”, including for home ownership and banking.

The CEO of the Commonwealth Bank of Australia (CBA), Matt Comyn, has stated that the bank is accelerating its digital strategy, seeking to “provide customers with one of the best digital experiences of any company globally” and “be at the global forefront of the digital experience”.

According to the major bank, its focus on consumer-facing technology aims to make customers’ banking experience more personalised.

“We are moving quickly to build, develop, partner and invest in new services we can integrate into the CommBank app. 

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“Our ambition is that our ‘For You’ personalisation function will bring together internal and external services and provide a single place for our customers to receive personalised service, benefits and offers,” Mr Comyn said.

He continued: “It’s a given that every customer wants their banking to be safe, secure, easy and convenient. But they also want digital tools to help them plan and budget, set goals and achieve them, predict and manage their bills, and achieve their dreams of owning a home, running a business or securing their retirement. 

“They also want to be connected to new services, enabled by digital technology, that enrich their lives,” he continued.

The number of customers using the CommBank App has reportedly increased from 5.9 million users to 6.3 million users over the last 12 months. 

Meanwhile, digital wallet transactions have increased by 106 per cent between December 2019 and December 2020, the bank noted.

The bank’s investment in technology “including data, machine learning and artificial intelligence is giving us unique insights into each customer’s individual needs”, Mr Comyn added.

“Customers want more control over their financial affairs, more confidence they can achieve financial goals, and an ability to manage all of their financial life in one place,” he said.

As such, the bank has additionally announced it has “applied for accreditation to ingest data under the government’s Open Banking regime”, with the suggestion it “will be a critical enabler of Australia’s future and the digital economy”.

Alongside the major bank’s announcements, CBA also revealed that x15ventures had acquired a new business – cloud platform Doshii. The platform is a hospitality-industry focused integration system, consolidating a venue’s point-of-sale and back-end processes onto one platform.

Speaking on the bank’s future, Mr Comyn concluded: “CBA wants to remain Australia’s clear leader in digital banking. We recognise customers are no longer just benchmarking us against other financial institutions. They compare us with the best digital experiences they get from any business in the world. 

“We intend to be at the global forefront of the digital experience, and be the trusted partner at the centre of our customers’ financial lives.”

[Related: Major bank to acquire 86 400]

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