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.
The time taken to issue a bank guarantees will drop from up to one month down to day after ANZ, Commonwealth Bank of Australia, Westpac, IBM and Scentre Group this week revealed the expansion of a successful blockchain platform, Lygon. Lygon completed a successful pilot last year that, it’s backers
CommBank is ramping up its investment in digital startups, committing US$10 million to the most recent funds for both Square Peg and Zetta Venture Partners to support local fintechs, as well as emerging artificial intelligence businesses in Australia. The strategic partners are tasked with stewarding new digital banking services into
Many Australian banks miss the mark when it comes to money management, alerts, and self-service features on their mobile apps, and the absence of these services hurts the customer experience. That’s a key finding in a new report from Forrester Research into Australian mobile banking apps called Mobile Banking Apps
Digital wallet users spent more than $1 billion on a record number of transactions in March as cash and physical contact were minimised in an attempt to stem the spread of COVID-19, according to data from the Commonwealth Bank. CBA’s monthly analysis of transactions from Apple Pay, Google Pay, Samsung
The debate over the future of screen scraping in Australia is being complicated by the slow roll out of Australia’s open banking regime, a data sharing system which would make the practice obsolete. Screen scraping occurs when consumers provide their banking username and password to a third party, such as
Commbank has launched a new start-up incubator called X15 Ventures, which it says will produce 25 new ventures by 2024, signalling a new approach to the startup-enterprise relationship. The bank announced the initiative today which it described as an “Australian technology venture-building entity designed to deliver new digital solutions.” Download: Which-50’s
CommBank is making a big play in the buy now, pay later space, investing a total of US$300 million in Swedish Afterpay rival Klarna which officially launched in Australia today. The bank initially invested US$100 million in Klarna in August 2018, to become its exclusive partner in Australia and New
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.
Early credit card spending data from Commonwealth Bank indicates that Australian retailers enjoyed a strong Black Friday sale, with spending more than doubling this year as compared to last year. Well-above average sales were recorded across the whole weekend through to Cyber Monday. “A sample of our credit card data