Commonwealth Bank transforms digital banking for retail and business

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Commonwealth Bank has shared updates on its strategy to enhance the banking experience for retail and business customers by leveraging its advanced digital banking services. The launch of the CommBank app v5 in May 2023 aimed to simplify and improve the user experience, leading to a positive response from customers. Key highlights include:

User Growth and Engagement:

• Over 300,000 additional customers have started using the app, bringing the total unique users to 8.1 million.
• Daily log-ins have surged to over 11 million per day, representing an annualized four billion log-ins—1 billion more than the previous year.
• The average app customer now logs in 41 times a month, indicating active engagement.

Money Management and Payments:

• Customers engage with the app’s money management features over three million times a month.
• The app processes around $2.5 billion in payments daily, reflecting a 23% YoY increase.

Business Banking:

• Business customers using the profile switch feature spend 20% more time on the app.
• The CommBank app contributes to almost a quarter of all new CommSec accounts opened.

CommBank Yello and Kit:

• CommBank Yello, a customer recognition program, is now extended to eight million customers, offering cashback, discounts, and unique experiences.
• Kit, a money-mastering app for kids, has shown positive results, with users demonstrating increased financial capability and knowledge.

Digital Services in Business Banking:

• Profile switching has increased digital engagement, with active customers spending 20% more time in the app.
• Nearly 1,000 new business transaction accounts were opened daily in the first quarter of FY24.
• The Business Bank has introduced new services like smart real estate payments and strategic collaboration for the agriculture sector.

Technology and AI Developments:

• The bank is scaling its technology capabilities to support an additional one billion annual app log-ins and a 23% YoY increase in app-initiated transactions.
• AI plays a crucial role in enhancing security measures, with significant developments, including the deployment of over 50 different AI use cases.

Fraud Protection:

• CBA is investing over $750 million annually in technology defenses, resulting in the detection of 360,000 interactions per second and a 70% reduction in cryptocurrency investment scams.

Global Recognition:

• CommBank has achieved top rankings in the Evident Global AI Rankings, securing the first position in the Asia Pacific and sixth globally.

CEO Matt Comyn emphasized the importance of investing in products, services, and experiences aligned with customer preferences, highlighting the bank’s commitment to building stronger relationships with its diverse customer base.