Australians are flocking to self-directed investing and with the number of active online investors doubling in the past 2 years from 750,000 in December 2019, to 1.5 million in November 2021[i], Commonwealth Bank has today announced plans to make investing more accessible to its customers, with the integration of CommSec Pocket into the CommBank app.
The first phase of integration has already enabled some CommBank customers to access CommSec Pocket through CBA's banking app via one logon. This capability will progressively be made available to all of the bank's customers over the coming months.
Later in the year, general CommSec share trading services will become available through the CommBank app, providing customers with even greater access to buying and selling shares in publically listed Australian companies.
Group Executive, Retail Banking, Angus Sullivan, said: "The integration of CommSec Pocket into the CommBank app provides CBA customers with the ability to move seamlessly between their everyday banking and CommSec Pocket investing, via one logon. It gives every qualified CBA customer a frictionless digital experience, and provides CBA customers who are new investors with the industry's most reliable investing platform with the ability to manage their investments alongside their banking and savings accounts, providing a single line of sight across all their financial activities."
CBA's low cost, simple investing app CommSec Pocket empowers Australians to start their investing journey, with as little as $50. Customers can choose from seven themed investment options, providing an opportunity to align their investments to their interests, whether that be tech, sustainability leaders, or the biggest 200 companies on the Aussie market.
CommSec has resonated with customers, with $1.23 billion invested through CommSec Pocket since its 2019 launch, with the most popular of the seven ETF themes being; Tech Savvy ($403 million invested); Aussie Top 200 ($206 million invested); and Sustainability Leaders ($197 million invested).
In addition, new research from CBA[i], which explores the attitudes of Australians towards digital banking and their banking app, found 39 per cent of respondents would find it useful and relevant to have investment tools in their banking app. The bank's customers have also reported they want simplicity, with 85 per cent preferring a one-stop for their banking needs[ii].
CommSec Executive General Manager, Richard Burns, said: "With CommSec continuing to provide the market leading value proposition for investors, the past two years have seen enormous growth, with more than one million CommSec account openings since February 2020.
"We want to provide our customers with seamless access to the industry's most trusted investing platform. By integrating CommSec Pocket into the CommBank app, our customers will be able to move effortlessly between their everyday banking and their CommSec Pocket investments at the click of a button, and with one logon.
"The integration of CommSec Pocket into the CommBank app will provide Australians with institutional grade security in the face of increasing fraud, scams, identity theft and other risks associated with investing more broadly," Mr Burns said.
As CBA's innovation roadmap continues, in time CommSec also plans to make investing in international equities available via the CommBank app.
"This initiative broadens and deepens CommBank's proposition for all our customers and is another way we're giving customers a digital experience with CBA that is equal to or better than any they experience from anywhere," Angus Sullivan said.
CommSec Pocket insights since launch (2019):
- Over 330,000 accounts opened;
- Driven engagement among younger and female investors with 82 per cent of new CommSec Pocket accounts Young Adults (
- $1.23 billion invested through the app;
- Winner of Mozo's 2022 Expert's Award for 'Casual ETF Trader'; and
Customers of CommSec are still able to download the CommSec and CommSec Pocket apps and use online investing as usual.
Listen to Richard Burns and Fredrik Lindstrom discuss the integration of CommSec Pocket into the CommBank app:
Disclaimer: The information has been prepared without taking account of the objectives, financial situation or needs of any particular individual. For this reason, any individual should, before acting on this information, consider the appropriateness of the information, having regards to the individual's objectives, financial situation or needs, and, if necessary, seek appropriate professional advice. You can view the CommSec Pocket Terms and Conditions, Best Execution Statement and Financial Services Guide here, and should consider them before making any decision about these products and services.
[i] About the CBA research: The survey was conducted by the House of Brand Group, with fieldwork conducted between 16/04/2022-21/04/2022, amongst a sample of n=1,072 nationally representative respondents with quotas set on age, gender and location.
[ii] CBA online questionnaire, InSites Consulting, March 20, sample size n = 400
