The Commonwealth Bank of Australia has launched ‘CommBank Rewards’, a program of personalised cashback offers powered by its machine learning hub.
The new in-app feature will give eligible customers cash back when they use their CBA credit or debit Mastercard at merchants including Coles, Caltex, Myer, JB Hi-Fi and Menulog.
Kate Crous, Executive General Manager of Everyday Banking, CBA, said: “We’re excited to launch CommBank Rewards for our customers ahead of Christmas. Accessed through our number one banking app, and leveraging the Customer Engagement Engine (CEE) – combining advanced analytics, AI and machine learning – CommBank Rewards is designed to give customers relevant and personalised offers for what they regularly spend their money on. It also has a simple redemption process – it’s as easy as activate, spend money and receive cash-back,” she said.
The CEE is a multichannel decisioning engine underpinned by machine learning that takes a proactive, rather than a reactive, approach to serving customers. It crunches more than 157 billion data points to make a decision about the next best offer or conversation to put before a customer across all the bank’s communication channels.
Eligible CBA credit or debit Mastercard customers can access CommBank Rewards through the latest version of their app under the ‘product & rewards’ section.
From there, customers can activate rewards and use their card at participating retailers to qualify for the cashback offer, which will arrive in their account within five to 14 business days.
The bank says offers will be personalised to each customer based on their previous transaction history. The program will also keep track of how much shoppers have saved by using CommBank rewards over the last 12 months.
“The majority of Australians subscribe to some kind of loyalty program, which shows consumers are on the lookout for deals year-round. With the launch of the CommBank Rewards, it’s a way to say thank you to our customers by giving them something tangible back for banking with the Commonwealth Bank in a way that benefits them financially,” Crous said.