CBA has launched a number of apps and initiatives to expand its personalisation in the home loan, investment, rewards, and children's banking markets.
During a strategy update, CBA chief executive Matt Comyn announced multiple new projects, saying the bank is “making sure we have the absolute best-in-class digital experience for our customers" as a competitive advantage.
Through its innovation arm x15ventures, Comyn said CBA is “playing a role in bringing some of those innovative propositions to market faster.”
“Overhauling the technology from within the organisation", he said, is "a key enabler of facilitating greater speed to market.”
Comyn said that CBA isn't just focused on “digitising banking" but instead "reimagining overall customer experiences in a digital era.”
“Twelve months ago ... we specifically talked about how we were looking to build out distinctive propositions for our customers … and how we're actually going to have some targeted propositions in a number of different segments," he said, adding these were now coming to fruition.
CBA officially launched its new digital home loan Unloan for “customers who are looking for a digital direct mortgage” and had “a simpler set of needs.
Comyn said Unloan boasted a "first-to-market pricing structure" and "lower cost to originate".
"I think the other area of interest [around Unloan] is some of the technology that we've been able to leverage from within CBA," he said.
This included “a whole range of APIs that we built out that's enabled Unloan to come to market.”
The new digital home loan application takes 10 minutes to complete, he said.
New CommBank integrations
Online investing using the CommSec digital stock trading service have doubled over the past two years.
CBA will now offer trading services in its mobile banking CommBank app.
CommSec Pocket initially launched three years ago as a way for customers to learn to trade from seven Exchange Traded Fund (ETF) options from $50.
Since launching in 2019, CommSec Pocket has seen over 330,000 accounts created and $1.23 billion invested through the app.
Pocket will now be integrated into the CommBank app. New customers will be able to manage investments directly through their banking app.
International equities are also to be made available in the CommBank app.
The bank also launched a new recognition program, CommBank Yello, which rewards customers with personalised benefits.
CBA group executive for retail banking Angus Sullivan said CommBank Yello “has been a big focus area for us for a number of years now.”
Sullivan said the new feature “will help us recognise our customers, put more value in their hands … and really build a stronger and deeper relationship with them.”
“There are a number of different groups that CommBank Yello will speak to.
“Everything from customers who have an everyday banking relationship … to homeowners.”
The program will “reward customers to their relationship with us” and “we'll use the engine of Yello to direct offers and benefits to customers.”
This includes placing “the most exciting shopping offers directly in front of customers in a way that's relevant for them,” said Sullivan.
Benefits include discounts and cashbacks.
It is expected to be rolled out to customers later this year.
In a throwback to its Dollarmites program, CBA released a new money management app for kids, Kit.
The app is aimed at helping children learn about money management including budgeting, saving and spending.
Kit is currently in a pilot through x15ventures with up to 5000 customers, with those signed up receiving their own app and prepaid card.
Children can earn money on ‘Pay Day’, and create saving ‘Stacks’ with animations to help them visualise their saving goals.
Through the Boss Mode feature parents can customisable controls such as spend limits, merchant blocks, and card and pin protection.