In response to customers’ shifting needs and expectations, CommBank has made a number of initial improvements to the app, including:
- The introduction of personalised and dynamic navigation – meaning when a customer logs into their app it will reflect their personal needs.
- Significantly enhanced search functionality so that the wide range of app features are easy to find and only a few clicks away.
- CommSec integration, giving the app’s 7.7m customers the ability to use their banking app to invest in Australian shares and ETFs.
- A new profile-switching feature, allowing the Bank’s small business customers to easily toggle between their business and personal accounts.
The new version of the app is a result of the Bank’s continued focus on simplifying its technology architecture.
“We’re focused on maximising the power of our technology, AI and access to one of the largest data sets in Australia to safely and securely offer customers a truly unique and personalised digital experience,” Ms Bonighton said.
“This is the start of an evolution towards offering an even more integrated and personalised experience, and the investment we’ve made in our technology stack will allow us to innovate and update faster than before, ensuring we can continue to deliver a superior digital experience even as our customers’ expectations shift,” Ms Bonighton added.
Ms Bonighton confirmed the new version would be available to CBA customers from next month.
Brief history of the CommBank app
- 2011: Launch of Kaching – the first app of its kind in Australia, where customers could make payments using Facebook, email and phone numbers.
- 2012: Kaching integrated into NetBank app.
- 2013: Launch of CommBank App v3.0 – a more powerful and integrated app.
- 2019: Launch of v4.0, the basis of the app our customers are using today.
CBA has been awarded Canstar’s Bank of the Year for Digital Banking for 13 years in a row, Forrester’s overall digital experience leader for six years in a row and Best Major Digital Bank at the DBM Australian Financial Awards for five years in a row.
Key digital stats at April 2023
- CBA has 8.6m digitally active and 7.7m active app customers – up 9 per cent and 13 per cent respectively year on year. CommBank App active customers increased 52 per cent from 5m in the last five years – from June 2018 to April 2023.
- The CommBank App has on average 9.2m app logins per day – with users logging in more than once a day, around 36 times per month. Those login rates are highest for customers aged 18-29, who log in 43 times per month on average. Customers aged 60+ log in around 23 times per month on average.
- Customers completed nearly 100m payments using the CommBank App, totalling over $63bn – an increase of 19 per cent and 21 per cent respectively for volume and value from the same month last year.
- 2.8m customers use one or more of our money management tools in the app each month – 37 per cent higher than the same time last year.
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