CBA Executive General Manager Digital Operations Technology Fredrik Lindstrom, said: “With the cost of living placing increasing pressure on Australians, we know our customers are looking for ways to keep track of their saving and spending, and to manage their finances more conveniently, in one place.
“We’re hearing that Australians are using their banking app more regularly than many other apps, or that they couldn’t live without their banking app. In response to this, we’re investing in building out distinct features in the CommBank app that will help our customers manage their money more easily.
“We’re excited to launch Money Plan, a new money management ecosystem that allows our customers to manage all their finances in one convenient, and easy to navigate place within the CommBank app. Money Plan brings together our existing smarter banking tools into a central hub to make the app money management experience more seamless and help our customers manage their money more holistically.”
Demand for offerings like Money Plan is apparent in the research, which found that over half of respondents (56 per cent) say ‘non-core’ banking features such as bill prediction, spend tracker and categorisation make it easier for them to manage their money. Furthermore, 1 in 2 Australians (50 per cent) would prefer to have one financial management tool to house all of these features.
More interestingly, the research shows that if ‘non-core’ features were available in their current banking app, respondents would be more likely to use them, including managing bills (68 per cent), viewing all financial accounts in one place (62 per cent), spend tracking (60 per cent), setting savings goals (57 per cent), budgeting (54 per cent) and even investing in shares (48 per cent).