“More customers are choosing the ease-of-use and award-winning functionality of the CommBank app – with 6.4 million customers now actively using the app, up from 5.6 million customers two years ago4.
“We’re also seeing more customers logging in daily across our digital channels, up from 7.4 million two years ago to 8.6 million this year5, while also logging in more often, up from 32 to 34 times on average per month6.”
Mr Sullivan said it was exciting to be recognised by two separate and independent research organisations at a time when digital engagement by customers is so high.
“We are pleased to see the CommBank app being recognised once again by Forrester and Canstar. We are delighted how the unique and easy-to-use features in the app add value and help customers stay more in control of their finances, especially when so many are doing it tough during COVID.”
731 million in-app messages were sent relating to COVID-19 support and information in 2020.
The bank also used its real-time weather model and Customer Engagement Engine to deliver more than 800,000 in-app support messages to customers potentially affected by the Perth bushfires in February 2021 as well as the NSW and Victorian floods in March and June 2021. Using data insights, our Customer Engagement Engine allowed us to automatically identify customers who may be affected by a natural disaster and offer immediate support that aligns to their needs.
Also, Commonwealth Bank saw 6 million unique visits to their Coronavirus website.
According to Forrester, during the pandemic, Australian banking customers indicated that using a mobile app is the most effective and convenient way to bank online7.
The Forrester Digital Experience Review™: Australian Mobile Banking Apps, Q3 2021 cited the CommBank app as the overall leader in digital experience, leading in both user experience and functionality. The Review states: “CommBank retained the top spot by continuously improving its mobile experience… in both functionality and user experience. CommBank excels in both money management, money movement, and assisted service.
“The bank also gives customers a personalised experience when it comes to managing their debt. For example, the app nudges customers with existing debt to put their tax refund toward paying off that debt. CommBank helps customers easily complete tasks at will in the app via effective app-wide search, Ceba the chatbot, and easy card management functions like blocking a card or issuing a new card to their home address.”
The Forrester report also states the app is one of two cited within the report with “great predictive bill features and helpful transaction categorisation” that customers can use to set budgets, and cites the CommBank app as among best-in-class examples:
- “CommBank lets customers easily set up savings accounts linked to their primary account, automate savings, and track their progress; it also helps customers identify relevant rebates through its benefits finder feature.”
- “CommBank offers customers a comprehensive view of their past and current spending. Customers can view their spending over past months and drill down into specific categories to see how much they spend on categories like shopping or groceries. CommBank provides a monthly cash flow view, detailing customers’ income, spending, and savings. Customers can also view their ‘money plan’, which shows their overall portfolio including assets, liabilities, and net worth.”
CBA has now held Canstar’s Bank of the Year for Mobile Banking title since the award was first introduced back in 2016, and Bank of the Year for Online Banking title for the last twelve consecutive years.
Canstar said the bank secured this year’s Awards thanks to its focus on making features that are purposeful and helpful to customers, including budgeting tools.
Mr Sullivan said the bank’s digital strategy starts with deeply understanding and anticipating customers’ needs.
“These recognitions serve to reinforce the work that is being undertaken by the bank to provide customers with one of the best digital experiences of any company globally.”
In 2019 Commonwealth Bank committed to spending more than $5 billion in technology and digital over the following 5 years. This has since increased to $6 billion.
Key digital features within the CommBank app and NetBank
Some of the unique digital features available to CommBank customers include:
- For You serves customers with a personalised digital feed of individual offers, rewards, tips and guidance.
- Benefits finder helps to connect personal and business customers to unclaimed government benefits and rebates by simplifying and prioritising the application process. It’s already helped personal customers save close to half a billion dollars in unclaimed benefits, with more than 1 million claims commenced.
- Spend Tracker categorises every debit and credit card transaction, making it easier for customers to see the impact their spending decisions have on everyday finances.
- Bill Sense predicts bills and helps customers to plan and stay in control of their regular payments and subscriptions up to 12 months in advance, leaving them to focus on saving.
- Goal Tracker allows customers to set and reach their goals more easily, breaking savings goals into less overwhelming weekly targets with automatic and adjustable payments.
- Cash Flow View gives customers the comprehensive picture of their income, spending and savings habits and how they are trending, all in one place.
- Ceba, CommBank’s digital banking assistant, helps to answer customers’ general queries and can also point customers in the right direction to speak to a human, 24 hours a day and 7 days a week.
Notes for editors
1 About Forrester’s recognition
- Forrester state they are “an independent researcher that provides honest, fair, data-informed, and quality research”.
- The Forrester Digital Experience Review™: Australian Mobile Banking Apps, Q3 2021 evaluates the mobile apps of the Big Four Australian banks and one neobank, Up. The Digital Experience Review™ is an evolution of Forrester’s Industry Wave.
- Forrester Research does not endorse any company included in any Digital Experience Review™ report.
- Find out more.
2 About Canstar’s recognition
- Canstar is Australia’s biggest financial comparison site.
- The Online and Mobile Banking Awards recognise the top performing institutions that are enhancing customers’ banking experiences by offering quality digital banking services.
- As part of the Awards, Canstar Research assessed 80 institutions based on the array of features offered through their online and mobile banking platforms. This included considering functionality for payments and transactions, research and application, security, banking assistance and support.
- Find out more.
3 The total value ($) of transfers and BPAY payments made in digital (NetBank, the CommBank mobile app and CommBank tablet app) as a proportion of the total value ($) of transfers in over-the-counter, ATM, EFTPOS and digital transactions over the 12 months to June 2021.
4 The total number of customers that have logged into the CommBank mobile app at least once in during the measured month, includes Face ID logons.
5 Measured by the number of logins to a CBA digital asset (NetBank and the CommBank app or Commbank tablet app) in the month (including via Face ID) divided by the days in the month. Excludes CommBiz customers.
6 Measured by the number of logins to a CBA digital asset (NetBank and the CommBank app or Commbank tablet app) in the month (including via Face ID) divided by the number of customers who have logged into a core digital asset in the same month. Excludes CommBiz customers.
7 Forrester research, October 2020: The Australia Banking Customer Experience Index, 2020.