Commonwealth Bank has consolidated its lead at the top of the digital banking league, having launched a number of market-leading features, initiatives and partnerships over the last 12 months to deliver a more rewarding and personalised experience for customers.
The CommBank app has grown to 6.9 million active users, up from 6.4 million in June 2021, and 6.1 million the year prior. That is reflected in customer response to the app with it scoring a consumer mobile net promoter of +30.7, comfortably ahead of its major bank peers.
Business customers have responded in the same manner to increased digital features suited to their needs, giving a +20.2 digital net promoter score in the business consumer category, significantly above the business bank’s competitors.
CBA’s technology leadership was also underlined during 2022 by Canstar giving the bank its digital banking award for the 13th year in a row while Forrester Research named CommBank the overall digital experience leader for the sixth successive year.
Total digitally active customers rose to 8 million, an increase of 400,000 on the number over the year to June 30 2022. Digital transactions now make up 72% of all transactions by value, with customers engaging with their banking app and its features more than ever (36 average monthly logins per active customer compared to 34 as at 30 June 2021).
With the increasing cost of living and uncertainty around interest rates, CommBank app customers have found real value in market leading digital features now available through the app. More than 2.1 million claims were initiated through Benefits finder, more than $18 million provided in cashback through CommBank Rewards, 2.8 million users engaging with For You personalised offers, and 60,000 facilities provided through AdvancePay.
In addition, CBA offered natural disaster assistance to 2.7 million flood-affected customers earlier this year with the help of our market leading Customer Engagement Engine. In a further initiative, earlier this year, CBA Chief Executive Officer Matt Comyn announced the integration of CommSec in the CommBank app, and the launch of CommBank Yello, a new recognition program that better rewards customers with specific, personalised benefits and offers.
Mr Comyn told a market briefing in May this year in an update on the Group’s strategy: “We seek to be the trusted centre of our customers’ financial lives, using technology to build the best integrated and personalised digital experiences to suit all the ways our customers interact with us. Our strategy is to broaden and deepen our distinct and highly differentiated proposition to give customers more reasons to bank with the Commonwealth Bank.”
CBA’s new digital home loan, Unloan, also became available to customers nationally, in addition to the launch of Kit, a money app and digital information tool for kids.
Over the last 12 months CBA has also seen the launch of StepPay, a new BNPL offering for our customers, and shopping deal discovery app Cheddar. CBA customers have opened 230,000 StepPay accounts, which are running at two new accounts for every one new credit card account underscoring the popularity of the pay-in four service.
A number of strategic partnerships were formed with the likes of H20.ai, Karta and :Different, as well as investments in a number of fintechs such as OwnHome, Paypa Plane and Gemini. “This is all about reimagining what it means to be a bank, and the ways in which a bank can anticipate and meet customer needs,” Mr Comyn said.