Commonwealth Bank today announced the launch of its latest CommBank App v5.0 in a move that provides 7.7m active CommBank App users with access to Australian share trading and AI-driven personalisation and navigation. The Bank's one million business customers will also be able to seamlessly toggle between their personal and business accounts as part of the app upgrade.
CBA's Executive General Manager Digital & Customer, Meg Bonighton, said the Bank is firmly focused on delivering superior customer experiences and the app is central to this ambition.
"Digital investment is such an important area for us and we want to continue providing our customers with a digital experience that is equal to or better than any digital experience right across their lives."
The upgrade comes as CommBank's customers are using the app in greater numbers and engaging with it more frequently than ever before.
- There are 7.7m active users -13 per cent more app customers than last year, and 50 per cent more than 2018.
- On average, customers are logging in 36 times a month - a 20 per cent increase on 2020.
- The volume and value of payments it processes continues to grow. In April, CommBank customers used the app to make an average of 3.3m payments per day - up 19 per cent on a year ago.
Ms Bonighton said the growth in app usage was providing the bank with more data and insights on what customers want from their digital banking experiences.
"It is the insights we're getting from the app, and the conversations we're having with customers every day, that tell us the benchmark of a superior digital experience has shifted. Our customers are expecting more from us.
"Customers want the app to be more personalised, they want it to be easier to use, and easier to find what they need quickly. And they want it to meet all of their financial needs in a distinct and helpful way, be that personal banking, business banking or investing," Ms Bonighton said.
In response to customers' shifting needs and expectations, CommBank has made a number of initial improvements to the app, including:
- The introduction of personalised and dynamic navigation - meaning when a customer logs into their app it will reflect their personal needs.
- Significantly enhanced search functionality so that the wide range of app features are easy to find and only a few clicks away.
- CommSec integration, giving the app's 7.7m customers the ability to use their banking app to invest in Australian shares and ETFs.
- A new profile-switching feature, allowing the Bank's small business customers to easily toggle between their business and personal accounts.
The new version of the app is a result of the Bank's continued focus on simplifying its technology architecture.
"We're focused on maximising the power of our technology, AI and access to one of the largest data sets in Australia to safely and securely offer customers a truly unique and personalised digital experience," Ms Bonighton said.
"This is the start of an evolution towards offering an even more integrated and personalised experience, and the investment we've made in our technology stack will allow us to innovate and update faster than before, ensuring we can continue to deliver a superior digital experience even as our customers' expectations shift," Ms Bonighton added.
Ms Bonighton confirmed the new version would be available to CBA customers from next month.
Brief history of the CommBank app
- 2011: Launch of Kaching - the first app of its kind in Australia, where customers could make payments using Facebook, email and phone numbers.
- 2012: Kaching integrated into NetBank app.
- 2013: Launch of CommBank App v3.0 - a more powerful and integrated app.
- 2019: Launch of v4.0, the basis of the app our customers are using today.
CBA has been awarded Canstar's Bank of the Year for Digital Banking for 13 years in a row, Forrester's overall digital experience leader for six years in a row and Best Major Digital Bank at the DBM Australian Financial Awards for five years in a row.
Key digital stats at April 2023
- CBA has 8.6m digitally active and 7.7m active app customers - up 9 per cent and 13 per cent respectively year on year. CommBank App active customers increased 52 per cent from 5m in the last five years - from June 2018 to April 2023.
- The CommBank App has on average 9.2m app logins per day - with users logging in more than once a day, around 36 times per month. Those login rates are highest for customers aged 18-29, who log in 43 times per month on average. Customers aged 60+ log in around 23 times per month on average.
- Customers completed nearly 100m payments using the CommBank App, totalling over $63bn - an increase of 19 per cent and 21 per cent respectively for volume and value from the same month last year.
- 2.8m customers use one or more of our money management tools in the app each month - 37 per cent higher than the same time last year.
Things you should know: Media releases are prepared without considering an individual reader's objectives, financial situation or needs. Readers should consider the appropriateness to their circumstances. Visit Important Information to access Product Disclosure Statements or Terms and Conditions which are currently available electronically for products of the Commonwealth Bank Group, along with the relevant Financial Services Guide. Target Market Determinations are available here. Loan applications are subject to credit approval. Interest rates are correct at the time they are published and are subject to change. Fees and charges may apply.
Go to CBA Newsroom for the latest news and announcements from Commonwealth Bank.
