CommBank updates on digital progress, reveals deals with Little Bird and Amber

According to Comyn, “We aim to be the most trusted partner at the centre of our customers’ financial lives by saving them money, giving them more control over their finances, and by making banking simpler and easier.

“We are integrating new services into our platform to customise and personalise the digital experience in ways that will increase engagement and bring greater value to our customers.

“It’s about moving beyond customer service and delivering more rewarding experiences and better outcomes that will build a deeper, more trusted relationship with our customers,” Comyn said.

He also announced two strategic partnerships to further differentiate its banking proposition, and launched a pilot under the Consumer Data Right (CDR). This latter move, he claimed, makes CBA the first major Australian bank to allow customers to view account balances from other eligible financial institutions directly in the CommBank app.

The partnerships announced include minority investments of $50 million, resulting in:

  • 23 per cent shareholding in Little Birdie, an online shopping start-up to help customers find special deals when shopping online;
  • 25 per cent shareholding in Amber, which provides subscription-based access to wholesale electricity prices.

The deal with Little Birdie connects the online retailer to CommBank’s 7.5 million digitally active customers. “Combined with our 50:50 partnership with Klarna in Australia and StepPay, CBA’s recently announced buy now pay later offering, we have a highly differentiated platform to help business customers grow and retail customers save money. Deals and offers, integrated with CBA’s goal savings products, will help customers save for a special purchase in a completely different way.

The deal with Amber, meanwhile, is designed to give CommBank an edge in the home loan market by offering potential customers a way to save on their power bills from the get go. “Our partnership with Amber will help to differentiate our home buying proposition, with Amber providing direct access to wholesale prices and bringing additional discounts for CBA customers.

“There will be increasing benefits to consumers as the Consumer Data Right is extended to energy and other sectors. The CDR pilot launched today will soon be available to all CBA customers, allowing them to see their account balances from other eligible financial institutions directly in the CommBank app. We will continue to invest behind the Consumer Data Right to bring benefits to our customers.”

Comyn says CBA’s technology enables it to redefine what customers can expect from a bank, moving beyond customer service to delivering deeper, trusted relationships, a better digital experience and better deals on everything from conveyancing when buying a home, to paying for utilities or shopping for homewares.

“We will continue to pursue a strategy of providing a differentiated banking experience for retail and business customers, and leveraging our technology assets to build distinct propositions to better serve our customers.”

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