The award-winning CommBank app gets an upgrade
The latest version of the Commonwealth Bank’s popular app - which was recognised as the best banking app in Australia in the Mozo Experts Choice Awards not too long ago - has just gone live.
The CommBank app 4.0 builds on the already innovative CommBank app, assuring customers that the big bank understands they want more from their banking apps than just the ability to move money around.
The new version will alert you if you’ve paid a utility bill twice and warn you if the grace period on any subscription services is drawing to a close. It will also nudge you to make more responsible decisions when your tax return comes in - gently, of course.
Users will also benefit from increased emphasis on security. Obviously fraudulent transactions will be blocked straight away, but in less certain cases, users will be alerted via the app and required to confirm a transaction is genuine.
Angus Sullivan, CommBank’s Group Executive of Retail Banking Services, said the bank aimed to use technology to demystify personal finances and give customers a more detailed picture of their spending.
“This year the CommBank app will send over 3 billion personalised messages to customers using 157 billion data points and 200 advanced machine learning models through our innovative customer engagement engine,” he said.
“This is designed to give our 5.6 million app users greater control and visibility of their cash flow, including real-time insights into their spending behaviour, to help them achieve their goals and improve their financial wellbeing.”
More innovative banking just around the corner
Already, neobanks have made plenty of headway in the banking app sphere, with many offering apps that double as all-purpose financial tools. The latest update from CommBank sees a willingness to evolve alongside and perhaps even surpass its smaller, tech-focused competitors.
As we approach the 2020s, we can look forward to quite the overhaul of traditional banking systems. Commonwealth Bank detailed much of what we can expect in its The Future of Banking report, which was released at the same time as the CommBank app 4.0.
As part of a survey included in the report, CommBank found that 90 percent of Australians are open to banks offering “new services, tools or ways of doing things to help their financial situation.” To that end, you might want to check out some of the products currently available that go beyond what’s typically offered by other banks.
ING - Orange Everyday
- Multiple Mozo Experts and People's Choice Award winner
- No ATM withdrawal fees overseas or in Australia (conditions apply)
The Orange Everyday Account from ING - which we named Everyday Bank of The Year in 2019 - requires no minimum monthly deposit and comes with no monthly account fees. What’s more, ATM fees are waived if you deposit at least $1,000 your ING account and make five purchases with your ING card in the month. Couple it with the Mozo Experts Choice Award winning ING app and you have a fantastic pairing. Of note is the Everyday Roundup feature, which rounds up purchases you make and deposits the difference in your savings account, taking the sometimes difficult act of saving and making it automatic.
HSBC - Everyday Global Account
- Lock in an exchange rate ahead of time or convert Aussie dollars when you spend
- 2% cashback on tap and pay purchases under $100 (conditions apply)
- $100 bonus for new HSBC customers (conditions apply)
The HSBC Everyday Global Account is an all-in-one banking account that can be used at home and abroad. That means that along with paying your bills and depositing your salary, you’ll be able to use it on your next overseas adventure. There are ten currencies you'll have access to in addition to Aussie dollars. And with the help of the HSBC app, you’ll be able to switch between these with no trouble at all.
Citi - Global Currency Account
- No international transaction or international ATM fees
- Up to 1.75% p.a. interest (balances over $250k)
- 2019 Mozo Experts Choice Award (Best New Transaction Account)
The Citi Global Currency Account wears a number of hats, functioning as both an everyday bank account and multi-currency travel card. As a bank account, you won’t have to worry about fees or minimum opening balances, and you’ll also be able to earn interest to boot. As a travel card, you can use it in-store overseas or if you’re at home doing some online shopping. The card can hold up to ten currencies, and when it comes to switching between them you’ll be able to do so with ease.
Looking for more in the way of innovation? Our fintech hub is a good place to start. And if it’s a new bank account you’re after, be sure to check out our bank accounts comparison page, which will give you an in-depth look at what the market currently has to offer.
^See information about the Mozo Experts Choice Bank Account Awards
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