CBA's former digital chief founds a fintech

Commonwealth Bank of Australia’s former chief digital officer Pete Steel has founded and launched a new fintech that aims to scan the mortgage market to help consumers save money on their home loans.

Pete Steel

Steel, who worked for CBA over 16 years before leaving in February 2020 for a consultancy role, last week unveiled True Savings.

The mortgage broking fintech scans the market to provide home loan comparisons and potential refinancing options.

Steel announced the arrival of True Savings on LinkedIn.

“Huge milestone! I’m delighted we’ve launched our new digital + expert True platform to help Australian families take control of their home loans," he wrote.

“Our first feature [is] True Check. It's powered by a real-time database of market rates, and takes less than a minute to see how much you can save”.

During his time at CBA, Steel - among other things - oversaw the transformation of the bank's mobile app, using machine learning and data analytics to create a more personalised customer experience.

Steel's role at CBA is now fulfilled by ex-Danske Bank executive Fredrik Lindstrom.