What you need to know about CommBank’s fintech push
The major bank said having the third best app in the world is not good enough.
Commonwealth Bank has revealed its ambition to be the best digital provider in Australia and it's starting with a revamp of its banking app. Speaking at the Trans-Tasman Business Circle lunch this week, CommBank chief executive Matt Comyn said the new version of the app is currently being tested by staff and will be launched to users over the coming months.
According to Comyn, the new version of the app will be personalised so that the app feels like it belongs to the user.
"[This] basically means when you log into the app it will be personalised and you can set both a look and feel behind it. But also it will show you on the home screen the most relevant thing for you," Comyn said.
"That could be how your spending compares with last month. It might be reminding you about when your credit card payment is coming up. It could be telling you to take action because you have overdrawn your account. It could be helping you pick up where you left off in an application, and it could be providing all sorts of other improvements which are hopefully going to help you make as a customer much better decisions."
CommBank isn't starting from scratch with its banking app. The current version has been awarded the number one mobile banking app in Australia and number three globally.
"Which is good," Comyn said. "But it is not good enough. We have to really benchmark ourselves against a standard which ensures that we are delivering the best digital experience in any of our customers' lives."
CommBank's new app offers a range of innovative features. This includes smart alerts for users to tell them when credit card payments are due or when their account has been overdrawn; a goal tracker to prompt users to set a personalised savings goal; a list of their regular account payments; a cash flow view which includes their total monthly income, spending and savings; and a spend tracker which categorises every debit and credit card transaction.
These features are similar to the offerings of Australia's new digital bank providers, with neobanks such as Up Bank and Xinja providing customers with spending analysis and notifications to keep their budgets on track. However, these digital banks do still offer some additional features. Up Bank, for example, allows its customers to round up transactions to their savings accounts and both Up and Xinja let you automatically lock and unlock your card within your app.
Still, the CommBank app will likely be a competitor to the digital banks when launched.
"These improvements are going to help customers make better financial decisions," Comyn said. "We're using a combination of cutting edge machine learning technology, data analytics and behavioural science to develop smart banking features to create a highly personalised digital banking experience."
The new app will be launched to all CommBank app users in the coming months.
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