Commonwealth Bank announces huge changes that will impact millions of Australians: Here’s what you need to know
- Australia’s most used banking app getting overhauled
- The app will roll in share trading and business accounts
A banking app used by millions of Australians is getting an artificial intelligence upgrade the company says will improve personalisation.
Commonwealth Bank announced on Wednesday that it’s CommBank App v5.0 is set to launch and will also integrate share trading into the platform.
CBA’s Executive General Manager Digital & Customer, Meg Bonighton, said the Bank is heavily focusing on its digital platforms as less customers are visiting branches in person.
‘Digital investment is such an important area for us and we want to continue providing our customers with a digital experience that is equal to or better than any digital experience right across their lives.’
According to the bank’s own figures, the app has seen a 50 per cent rise in user numbers since 2018, with about 7.7million people downloading it.
Commonwealth Bank is reworking their banking app to incorporate more artificial intelligence
A screenshot of the new app that will be more ‘personalised’ and allow switching between business and personal accounts more easily
They are also using the app more frequently, averaging 36 logins a month or more than once a day.
Ms Bonighton said as more people were using the app they were gathering a wealth of data on their customers banking habits
‘It is the insights we’re getting from the app, and the conversations we’re having with customers every day, that tell us the benchmark of a superior digital experience has shifted. Our customers are expecting more from us.’
One of the biggest changes will be bring the Commsec share trading app into the CommBank App, removing the need for user to switch between two apps.
An upside of that for the bank is that it is hoping this will entice more of their customers to use their share trading products.
Other changes include a personalised log in experience and improved search that will put each customers most used functions at the forefront.
Business customers will also be able to seamlessly switch between their business and personal accounts.
About 7.7million CommBank customers login to the banking app with users surging over the last few years
Chief executive Matt Comyn said improved technology was allowing a greater connection with customers.
‘Using global leading artificial intelligence and building on the digital investments and advances we have made in recent years, we are now able to better understand the needs of our 8.3 million digitally active customers,’ he said.
‘We absolutely recognise and can see enormous potential further to differentiate ourselves and we think some of the things we’re talking about today are hopefully going to do exactly that.’
In addressing concerns about AI, Mr Cormyn said he believes government is looking closely at perhaps regulating the technology.
‘It is a topic of conversation, I think, at the highest levels in many countries at the moment about how to think about it, both for companies, but also realistically how it could be used and misused by bad actors.’
‘It’s certainly a huge focus for us. It is across both government and regulators – seeing those sorts of losses across Australian households (to scams) in excess of $3 billion, it’s just not good enough.’
The new app will be available from next month.