Commonwealth Bank will relaunch the CommBank app, number one banking app in Australia and Asia Pacific, and third globally.
The redesign will offer more than 5.3 million app users the first completely personalised and smart digital banking experience in Australia, backed by world-leading application of machine learning technology.
Speaking at the Trans-Tasman Business Circle lunch earlier today, CBA Chief Executive Officer, Matt Comyn said the next version of the CommBank app will focus on creating better outcomes for customers every day.
“It will be an app that is for every one of our customers. We want it to really to feel like it's your app,” Mr Comyn said.
“When you log into the app it will be personalised… and it will show on the home screen the most relevant thing for you,” he said.
Mr Comyn said this personalised experience includes reminding customers about upcoming credit card payments, providing how their spending compares with last month, picking up where they left off in a loan application or telling them about a benefit they’re entitled to but not receiving.
CBA is sending about 500,000 messages each week to help customers avoid overdrawn fees.
“These improvements are going to help customers make better financial decisions.
“We're helping our customers avoid overdrawn fees which is saving them $60 million dollars per annum,” Mr Comyn said.
The new design of the CommBank app is currently in trial, and will be launched to all app users over the coming months.
CBA Chief Digital Officer Pete Steel said the bank has a unique ability to use technology and innovation capabilities to support good financial habits.
“We’re using a combination of cutting edge machine learning technology, data analytics and behavioural science to develop smart banking features to create a highly personalised digital banking experience.
“This year, the app will send over 3 billion personalised messages to customers by using 157 billion data points and 200 advanced machine learning models."
More detail about the new CommBank app will be available at launch.
About CommBank app
The first iteration of the app was launched in 2011. The CommBank app as we know it today boasts more than 5.3 million unique users, and more than 6.5 million log-ons per day.
It’s the most awarded banking app in Australia, winning the CANSTAR Bank of the Year in the Online and Mobile Banking category nine years in a row. In 2018 CommBank app was recognised by Forrester as the #1 mobile banking app in Australia, and third globally, thanks to its leading features to help them manage their money better.
Some of the leading features include:
- Smart Alerts: alerting customers when their credit card payment is due, when they’ve overdrawn their account or completed a high-cost credit card transaction (such as an ATM cash advance) to help avoid fees.
- Goal Tracker: helping customers save on a regular basis prompting them to set a personalised savings goal and breaking it down into weekly targets.
- Regular payments: giving customers a list of all the regular payments coming out of their accounts each month so they can identify savings opportunities (like forgotten subscriptions)
- Cash Flow View: giving customers a view of their total monthly income, spending and savings across transaction, deposit and credit card accounts, allowing them to gain a deeper understating of holistic financial situation.
- Spend Tracker: a feature in the CommBank app that categorises every debit and credit card transaction, making it easier to see the impact your spending decisions have on your everyday finances.