Help & support
Commonwealth Bank will maintain and increase where necessary its support for customers after a challenging 2023 caused by cost-of-living pressures that are expected to continue well into this calendar year, CBA CEO Matt Comyn said today.
Commonwealth Bank will open its Benefits finder tool to all Australians, regardless of who they bank with, to help support those feeling the impact of the current economic environment.
Benefits finder is available in the CommBank app and NetBank, and uses artificial intelligence to help customers find and apply for benefits, rebates and concessions they may be entitled to.
Since its launch in 2019, Benefits finder has helped connect CommBank personal and business customers to $1.2 billion.
Benefits finder will soon be available to everyone to use for free, even if they are not a CBA customer, via the CommBank app.
Other ways CommBank is supporting customers with the higher cost of living include the option to suspend home loan repayments for up to a year, as well as loan repayment deferrals, interest-only loans and flexible payment plans for people who need them. We offer more options today than ever before, and we’ve made it easier to access them.
CommBank continues to play a leading role in the national effort to combat scams and fraud. In the six months from July to December 2023, CommBank prevented and recovered more than $100 million in customer scams. Major recent steps include collaborating with Telstra on Scam Indicator, a sophisticated algorithm to identify potential scam phone calls that has been active since October; and extending our NameCheck technology to other organisations, such as Bendigo Bank and Satori.
The bank is currently piloting Identity Verification, an initiative that uses facial recognition to protect customers and is expected to launch in mid-2024. Data released by the bank in November revealed Australians are increasingly aware of how to stay safe from scams – but that there is still more work to do, including continuing to strengthen defences across all financial institutions, telcos, government, social media and digital platforms.
To learn more about how we’re protecting customers, visit: commbank.com.au/safe
Photo credit: Nic Long for Commonwealth Bank