Commonwealth Bank unveils innovations to enhance digital banking experience

CEO introduces upgraded CommBank app

Commonwealth Bank unveils innovations to enhance digital banking experience

Commonwealth Bank (CBA) has announced a series of advancements aimed at enhancing the digital banking experience for its customers.

In a strategic update as reported in CommBank Newsroom, CBA CEO Matt Comyn (pictured above) introduced the refreshed version of the CommBank app, labeled as CommBank App 5.0. The upgraded app aims to provide more personalized, relevant, and secure customer experiences.

With over 7.7 million active users, CommBank App 5.0 aims to simplify and improve the banking journey for its customers. The new version will feature individually tailored content, dynamic navigation, and seamless switching between personal and business accounts for business customers.

"As the trusted partner of one in three Australians and a quarter of all businesses, our strategic approach is focused on supporting, strengthening, and deepening relationships with all our customers," Comyn said.

He said that the bank's investment in artificial intelligence and digital advancements enables a better understanding of the needs of its 8.3 million digitally active customers.

The CommBank app already utilizes predictive artificial intelligence through its Customer Engagement Engine (CEE), which incorporates approximately 1,000 machine learning models and 157 billion data points in real time.

Additionally, the bank's partnership with allows for experimentation with generative technologies, resulting in personalized customer offerings and improved fraud detection systems.

The launch of CommBank App 5.0 is scheduled for next month. Customers logging into the app will be presented with a personalized home screen, services, and product information.

The new navigation features will simplify transactions, appointment bookings, service access, and money management tools. On average, customers accessing the app make combined payments of $63 billion per month.

Business customers, of which there are 800,000 active app users, will benefit from seamless switching between personal and business accounts, addressing a previously noted pain point. This enhancement enables better management of both personal and business finances, CBA said.

Furthermore, the app upgrade will offer CommSec share trading functionality, allowing customers to buy, sell, and hold Australian shares and exchange-traded funds.

This feature will be available to CBA retail customers as well as existing CommSec account holders.

Recent research indicates that 45% of customers expressed interest in stock market investing through their banking app.

CBA is currently the only bank in Australia to offer CommSec share trading through its app.

The move is expected to capitalise on the surge in retail investing, with CommSec having gained over 1 million new customers in the past three years.

In addition to these app advancements, CBA is also introducing new services for business customers. The bank now offers a range of merchant and deposit products, including the Smart family of payment terminals and the Powerboard e-commerce offering.

These services streamline payment processing and integrate multiple technological services through a single application. Additionally, the Capital Growth Account has been launched, enabling business customers to earn higher interest rates with a short access period of as little as 48 hours.

"CBA banks more business customers than any other bank, and these innovations are part of our strategy to be the leader in business banking with a focus on the best in-person and digital services Australia-wide," Comyn said.

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