CBA CEO Matt Comyn is doubling down on his multibillion dollar technology bet, this week announcing a plan to put Australia’s largest bank among the global leaders of digital experiences and to begin receiving open banking data.
“CBA wants to remain Australia’s clear leader in digital banking,” Comyn said Thursday. “We recognise customers are no longer just benchmarking us against other financial institutions. They compare us with the best digital experiences they get from any business in the world.
“We intend to be at the global forefront of the digital experience, and be the trusted partner at the centre of our customers’ financial lives.”
CBA now has 7.5 million digitally active customers, up 10 per cent from 2018. 6.3 million of them use the bank’s mobile app, which uses AI and machine learning to generate personalised features and recommendations.
One of those features is a benefits finder that alerts customers to potential federal and state financial entitlements. CBA says 2.9 million have used it since its launch in 2019 leading to 920,000 benefit claims.
The digital overhaul, which includes a simplification of IT architecture, is costing CBA around a billion dollars a year and follows multiple embarrassing data breaches and the fallout from the banking Royal Commission findings.
But Comyn insists data and technology will play a huge role for the bank going forward.
Hitting the accelerator
Speaking Thursday at the bank’s new “tech hub” at South Eveleigh in Sydney, Comyn said CBA will continue investing in emerging technologies like AI and machine learning to better understand customers and their needs.
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The CBA chief said the banks already highly regarded app will be expanded to offer more personalisation and to pull in more external services, including with Open Banking Data.
As one of the four majors, CBA has been required to make customer and product data available in a machine readable way since the data portability scheme kicked off last year. But Comyn announced the bank has also applied for accreditation to ingest data under the government’s Open Banking regime, the first test of Australia’s new Consumer Data Right.
“The Consumer Data Right puts customers in control and will be a critical enabler of Australia’s future and the digital economy,” Comyn said. “We will continue to invest to support it and bring the benefits to CBA’s customers.
“We are moving quickly to build, develop, partner and invest in new services we can integrate into the CommBank app.”
The CBA chief also announced the acquisition of Doshii, a cloud platform provider for the hospitality industry that integrates information from multiple food ordering apps – like Uber Eats and Deliveroo – into one system that consolidates a venue’s point of sale and back end processes into one simple platform.