CBA adds two new features to its banking app

Alison Banney 3 April 2017 NEWS

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CBA will launch two new features this month to help customers save, with an additional two features in the pipeline.

Australia’s Big four banks have been busy this year introducing new features and capabilities to their mobile banking apps in the race to win over more tech-savvy, millennial customers.

ANZ today announced the introduction of its voice authorisation service for more secure transactions through its banking app, and in March Westpac announced the Westpac Keyboard allowing customers to make payments through messaging apps such as Facebook Messenger and Snapchat.

Commonwealth Bank (CBA) has joined the party, today announcing two new features - Transaction Notifications and Spend Tracker - to its mobile banking app, available to credit card customers and designed to help meet savings goals.

Transaction Notifications will provide customers with instant credit card transaction notifications that offer immediate awareness and insights into their spending. Spend Tracker will provide monthly summaries of credit card activity that categorises transactions, for example groceries, eating out and entertainment, so customers can see where the majority of their spending falls and make better decisions on where to spend.

Both these features are set to launch in April 2017 for credit card customers, and later in the year for debit card customers.

Pete Steel, executive general manager of digital at Commonwealth Bank, said these features were in response to increased customer demands for banks to help them save money.

“In a recent survey we found 73 per cent of Australians want banks to do more to understand their needs and concerns and 72 per cent want their bank to help them manage their finances in a rapidly changing world,” said Steel.

CBA is also currently trialling an additional two features with select customers - Savings Challenge and Savings Jar.

Savings Challenge will provide a comparison of a customer’s current spending against their average for the three months prior, helping them compare and improve. Savings Jar will allow customers to set aside pots of money by rounding up daily transactions, helping with unforeseen events and other emergencies.

“Customer input and feedback is incredibly important throughout the design process and we're really interested to know if these new features can help to make a real difference to our customer’s financial wellbeing,” said Steel.

If you're keen to get your savings under control, compare high interest savings accounts as a first step.

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