CBA announces refreshed CommBank app 5.0
Commonwealth Bank (CBA) has announced a series of ground-breaking innovations aimed at enriching the customer experience and catering to the increasing demand for digital banking services. The highlight of the announcement is the upcoming release of CommBank app 5.0, a highly anticipated update that promises enhanced personalization, seamless account switching, and new financial capabilities.
CBA CEO Matt Comyn introduced the refreshed version of the multi-award winning CommBank app, emphasizing its commitment to reimagining the banking experience for both retail and business customers. CommBank app 5.0 will deliver individually tailored content and dynamic navigation, offering simpler and more intuitive features for its 7.7 million users. The app will also integrate CommSec, enabling customers to buy, sell, and hold shares directly through the platform. Moreover, business customers will benefit from the added functionality to seamlessly switch between their personal and business accounts.
“As the trusted partner of one in three Australians and a quarter of all businesses, our strategic approach to building tomorrow’s bank today is clearly focused on supporting, strengthening, and deepening the relationships with all of our customers,” stated Comyn. Leveraging cutting-edge artificial intelligence and leveraging the bank’s digital investments, CBA aims to understand the evolving needs of its 8.3 million digitally active customers, providing them with tailored services and an array of highly differentiated benefits.
CBA currently employs predictive artificial intelligence through its industry-leading Customer Engagement Engine (CEE). Launched in 2016, CEE utilizes approximately 1,000 machine learning models and analyzes 157 billion data points in real-time to improve the customer experience. Furthermore, CBA’s partnership with Silicon Valley-based H2O.ai enables the bank to experiment with new generative technologies, resulting in personalized customer offerings such as the Benefits finder service and enhanced fraud and scam detection systems.
“The combination of CommBank’s Customer Engagement Engine and the relationship with H2O.ai is a great example of the way we are using artificial intelligence to create richer, deeper, and more personalized experiences for our customers,” added Comyn.
Launching next month, CommBank app 5.0 will introduce a host of features aimed at transforming the banking experience. Each of the app’s 7.7 million active customers will be presented with individually tailored home-screens, services, and product information upon logging in, offering a more personalized and intuitive experience compared to the current version. With customers collectively making payments totaling approximately $US63 billion per month through the app, the new and simpler navigation features will streamline transactions, appointment bookings, service access, and money management tools.
Addressing a long-standing pain point, the updated app will now enable the 800,000 business banking customers who are active users to switch seamlessly between their business and personal accounts. This change aims to alleviate the challenges of account switching, allowing customers to better manage their personal and business finances in one convenient platform.
In a significant move, CommBank app 5.0 will also introduce CommSec share trading capabilities. From next month, CBA retail customers and existing CommSec account holders, the country’s leading online broker, will be able to buy, sell, and hold Australian shares and exchange-traded funds directly through the app. Recent research indicates that 45 percent of customers value the opportunity to invest in the stock market through their banking app, highlighting the demand for such services. CommSec has experienced a surge in new customers over the past three years, with more than one million users joining as the COVID-19 pandemic drove a retail investing boom.
Comyn emphasized the uniqueness of CommSec share trading through the CommBank app, stating, “CommSec share trading through the CommBank app is a distinct proposition which is not offered by any other bank in Australia.”
Furthermore, the updated app brings a range of new services for business customers. In addition to seamless account management, business customers can take advantage of a new line-up of merchant and deposit products. This includes the Smart family of payment terminals, now accessible both online and in branches, and the Power board e-commerce offering, which simplifies the integration of a company’s multiple technological services through a single application.
Simultaneously, CBA is launching the Capital Growth Account, a new savings account designed specifically for business customers. This account offers higher interest rates and an access period as short as 48 hours, providing enhanced flexibility for managing funds.
“CBA banks more business customers than any other bank, and these innovations form 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 affirmed.
With the launch of CommBank app 5.0 and its array of personalized features, seamless account switching, and expanded financial services, Commonwealth Bank aims to provide an unparalleled banking experience for its customers. By leveraging artificial intelligence and technological advancements, CBA remains dedicated to customer-centric innovation, solidifying its position as a leader in the banking industry.