CBA accelerates digital banking innovation
Commonwealth Bank of Australia will launch a flurry of digital banking services in coming months – including a tool that will identify $150 million each year in unclaimed benefits for its customers – showing technological innovation forms a core part of chief executive Matt Comyn’s plan to restore customer trust after a crisis-plagued two years for the bank.
As part of its concerted effort to restore its reputation, CBA will relaunch its banking application, which attract 5 million logins a day, with deep personalisation based around data analytics that will help customers avoid fees and find missing payments.
Meanwhile, an automated business lending approval process will be launched that will allow unsecured loans of less than $250,000 for CBA customers to be approved in 12 minutes.
CBA said it would soon be able to provide cash rebates to mortgage customers who have solar panels on their roofs, when it issues a “green bond” to take advantage of surging investor demand for assets linked to environmental sustainability.
CBA will invest more than $5 billion during the next five years in its technology systems, Mr Comyn said, as he attempted to change the narrative from the bank’s increased expenditure on risk and compliance. CBA was well known for its tech supremacy during the reins of former chief executives Ralph Norris and Ian Narev, until that reputation was overwhelmed by the AUSTRAC scandal, APRA prudential inquiry and various revelations at the Hayne banking royal commission.
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