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Media Release

New CommBank app feature to help with money management during coronavirus

CBA launches coronavirus money plan

Almost half (44 per cent) of Australians are greatly concerned about the future impact of coronavirus, particularly in regards to their health and finances, according to research conducted by FiftyFive5 and prepared for the Commonwealth Bank (CBA). Additionally, over half claimed a reasonably high level of personal impact as they worry about the wellbeing of their family members.

To support customers through coronavirus, CBA is progressively rolling out a new feature in the CommBank app pointing them to practical, simple, relevant and actionable guidance and tools to better plan and manage their finances.

The Coronavirus Money Plan feature will create actions and tasks suitable for a customer’s circumstances based on their level of impact during this challenging time.

CBA Group Executive Retail Banking Services, Angus Sullivan, said: “Commonwealth Bank is moving to deliver further customer assistance for those affected by coronavirus to continue to provide support which better suits their needs.

“This latest feature is designed to help customers get back on top of their finances or adjust to a new situation by helping them assess their current situation, find additional resources for financial support, as well as how to build up an emergency buffer with the tools and features already available in the CommBank app.”

When customers want to take action they can simply tap on each task to be taken to another page within the app or CommBank's website which will help them:

  • Get a clear picture of their finances with Cash Flow view;
  • Claim money they might be entitled to on Benefits finder;
  • Review bills and spending with Spend Tracker;
  • Make it easier to tailor repayments or seek financial assistance;
  • Create an emergency budget; or
  • Build up an emergency fund with Goal Tracker.

Customers can check off tasks as they go along, to keep track of their activity.

The new in-app feature comes off the back of recent data commissioned by CBA which revealed the changing attitudes and behaviours of Australians during the coronavirus pandemic.

“From the research we found the majority of people aren’t quite sure what to expect. People are facing a new and challenging territory, both personally and professionally, causing them to feel overwhelmed and uncertain. In addition to the support we are providing directly with our own product and service changes, we are determined to help our customers and this in-app feature is aimed at supporting our customers who are unaware of the simple steps they can take to get their finances back on track or adjust to a new situation and plan ahead,” Mr Sullivan said.

 

Important information

Customers must have the latest 4.10 update on their Android or iOS device to be able to access the Coronavirus Money Plan, which will be progressively rolled out over the coming weeks.

Customers impacted by coronavirus are also encouraged to visit www.commbank.com.au/coronavirus to see what support options are available to them.

About FiftyFive5 research

This research has been designed to understand consumer sentiment, attitudes and behavioural change as a result of the COVID-19 pandemic. It is a 25 minute online survey of a nationally representative sample, with approximately 1,000 responses per week.