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.