CommBank credit and debit card holders (excludes Keycard) can now manage their Tap & Pay settings within the CommBank app, for a greater level of security on the go.
Customers are able to lock cards temporarily, or customise specific card security settings. They can change the daily card withdrawal limit and lock in-store international payments, online payments or contactless card payments.
This can help you have better peace of mind when visiting unfamiliar places.
In partnership with Transport NSW, Cubic™ and Mastercard™, CommBank has provided the technology and infrastructure that first enabled contactless payments on the Opal transport network.
Commuters can now tap on and off to ride Opal-enabled transport using their debit cards, credit cards or digital wallets, and receive the same travel benefits as with an Opal card.
CommBank has been recognised with the AFR BOSS Most Innovative Companies 2019, Banking, Superannuation & Financial Services award thanks to project Bond-i - the world's first bond executed on blockchain, which aimed to make capital markets more efficient.
We've also recently investigated how the trade industry could benefit from using blockchain, with the Tradechain experiment.
These are two big-picture examples of how we prepare for the technologies that will soon bring you better banking options.
CommSec Pocket is a new app designed for people who have thought about investing, but don’t know where to start.
Customers can start with as little as $50, paying just $2 per trade up to $1000, and no ongoing account keeping fees. They can build a portfolio gradually with regular investments, gaining experience and learning from tips and articles.
It's part of creating simpler, better ways of growing your wealth.
Although 1 in 3 Australians have difficulty meeting necessary living expenses, billions of dollars in government benefits go unclaimed each year.
From unclaimed monies to electricity allowances, there are hundreds of rebates provided by state and federal governments that people are missing out on.
We've added the benefits finder to the CommBank app to help connect eligible customers with their entitlements. Through personalised messaging we’ve helped customers find the benefits to which they might be able to claim to help put money in the pockets of those who need it most.
This assistance can go a long way in making things better for your budget, or helping you in an emergency.
On average, Australians receive a tax refund of $2,500 and hold a credit card debt of $3,300. Despite every intention to use the tax refund to get ahead on repayments and save on interest, not everyone follows through.
As encouragement, the CommBank app will now present different uses for your tax refund when you receive it, so you can easily choose one and take action.
It's about giving you the information that helps you decide what's better for you.
As customers opt out of paper bills and have more and more services charged directly to their bank accounts, it can be easy to miss a monthly fixed bill increase.
The CommBank app can help. It can track monthly fixed bills that have remained the same for a minimum of 3 months, and then if a payment changes and it appears to be more than a one-off change, it can alert you.
Term Deposits offer a fixed rate of return over a fixed period of investment. At the end of that period, you have a range of options for what to do with your money.
So that there's time to make a plan, you can now access up-to-date information about your Term Deposit on the CommBank app, enabling an informed decision when it matures.
It's a better way of ensuring your money is always working for you.
To help you avoid late payment fees, we'll send you a reminder 3 days before your personal credit card payment is due if you haven't made a minimum monthly payment yet.
It's a simple feature that helps you better manage your finances.
We're making Australia's #1 banking app, the CommBank app even better by introducing new ways to improve your financial wellbeing.
We’ve introduced Goal Tracker into the CommBank app, to help you set and reach your savings goals with your Goal Saver or NetBank Saver account.4
It enables you to set up automatic payments so you never miss your weekly targets, and can top up your goal when it suits you.
It can also send you a nudge when you need it – when you’re cashed up after payday and can top up your goal.
Or, as a reminder if you’re falling behind.
We’ve introduced a feature into the CommBank app called Cash Flow View, which gives you a total view of all your eligible accounts.
This consolidated view of all your monthly income, spending and savings gives you a perspective which can help you see ways to improve your financial position.
Spend Tracker categorises transactions, making it easier to see exactly how you’re spending your money each month.
This view of your spending habits enables you to keep a closer eye on certain categories, so you can adjust your spending and plan ahead, giving you more control over your finances.
Since introducing Smart Alerts, we’ve sent over two million Australians an alert to help them avoid unnecessary fees.
These alerts notify customers5 that their account is overdrawn, allowing them to bring their account back into credit by midnight Sydney/Melbourne time to avoid overdraw fees and interest charges that may apply.
And, they can choose to turn these notifications on or off any time in NetBank or the CommBank app.
What you need first:
How to set an Emergency Savings Goal:
1 Consider the Terms and Conditions and other fees and charges for the Business Transaction Account before making a decision.
2 These products are only available to approved business customers and for business purposes only. Applications for finance are subject to the Bank’s eligibility and suitability criteria and normal credit approval processes. View our Current Terms and Conditions for Business Finance and consider them before making any decision about these products.
BizExpress is available for unsecured loans up to $250k and $1m secured by residential property. Eligibility and conditions apply. Commonwealth Bank of Australia ABN 48 123 123 124.
3 CommSec Pocket is a service provided by Commonwealth Securities Limited ABN 60 067 254 399 AFSL 238814 ("CommSec") a wholly owned, but non guaranteed, subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945. Investing carries risk.
4 Account must be in your name only.
5 Eligible personal accounts only.
The Forrester Digital Experience ReviewTM: Australian Mobile Banking Apps, Q3, 2020. Forrester Research does not endorse any company included in any Digital Experience ReviewTM report.