Reimagining products and services and building digital banking experiences.
The Commonwealth Bank of Australia (CBA) has launched a pilot under the new Consumer Data Right (CDR), becoming the first major Australian bank to allow customers to view account balances from other eligible financial institutions directly in the CommBank app.
The partnerships announced today include minority investments of A$50 million, including:
- 23 per cent shareholding in Little Birdie, an online shopping start-up to help customers find special deals when shopping online;
- 25 per cent shareholding in Amber which provides subscription based access to wholesale electricity prices.
Little Birdie will bring customers shopping deals from across the internet and will help to connect our 7.5m digitally active customers with our 700k business customers.
Combined with CBA’s 50:50 partnership with Klarna in Australia and StepPay, CBA’s recently announced buy now, pay later card, we have a highly differentiated platform to help business customers grow and retail customers save money.
Deals and offers, integrated with CBA’s goal savings products, will help customers save for a special purchase in a completely different way.
Matt Comyn CEO at CBA said the shift to digital banking is accelerating and we are investing to remain at the forefront of innovation.
“We aim to be the most trusted partner at the centre of our customers’ financial lives by saving them money, giving them more control over their finances, and by making banking simpler and easier,” he said. “There will be increasing benefits to consumers as the consumer data right is extended to energy and other sectors.
The CDR pilot launched today will soon be available to all CBA customers, allowing them to see their account balances from other eligible financial institutions directly in the CommBank app.
“We are integrating new services into our platform to customise and personalise the digital experience in ways that will increase engagement and bring greater value to our customers,” Comyn noted. “We will continue to invest behind the consumer data right to bring benefits to our customers.”