The Commonwealth Bank's venture-scaling arm X15ventures has launched a deal finder app called Cheddar that is aimed at Gen-Z and millennials.
The app uses AI to target users, promote brands and personalise deals. It also offers potential cashback rewards that can be credited directly to the user's bank account.
Cheddar already lists content from more than 600 merchants including Menulog, Agoda, Under Armour, Net-A-Porter, Pizza Hut, Culture Kings and Cotton On.
The app focuses on younger generations with the pilot targeting 1000 young Australians in the design process to ensure Cheddar matched similar apps such as TikTok or Instagram.
X15ventures managing director Toby Norton-Smith said Cheddar combines two emerging styles of deal hunting and “offers the benefits of both”.
"Our research shows two distinct behaviours in Gen-Z shoppers: ‘deal hacking’ involving loyalty email signups, multiple tabs and coupon codes and ‘digital window shopping’ finding inspiration through social and branded content," Norton-Smith said.
"Australian retailers are innovating more rapidly than the search and social platforms that serve them – so, as we launch our minimum viable product, [and] we’d love to collaborate with merchants and invite them to help us build Cheddar’s roadmap."
Cheddar is already available to download in the Apple App store with an Android version expected in early 2022 alongside a website.
The launch of Cheddar builds on CBA’s growing digital shopping offerings which include AI- powered Little Birdie.
The e-commerce platform officially launched on Tuesday with CBA activating its in-app shopping function which allows users access to retail deals from the likes of Myer, Big W and The Iconic.
CBA invested $30 million in the startup back in May and integrates curated shopping content from Little Birdie into the CommBank app.
The bank also recently lead a $134 million in Series E funding round into H2O.ai to boost its own AI capabilities.