Commonwealth Bank: Personalised digital banking to give it an edge

The Commonwealth Bank will use cutting-edge technology to personalise banking to each customer to help them get on top of their money.

Commonwealth Bank has bet on personalised digital banking services to give it an edge over its three major rivals.

In a tech update on Thursday, CBA chief executive Matt Comyn said the country’s largest banking group would accelerate its digital overhaul by tailoring user experiences to individual customers.

The big four bank wants to add new features to its app that predict when a customer’s bills are due, and personalise rewards and deals to a consumer’s tastes.

“Our investment in technology including data, machine learning and artificial intelligence is giving us unique insights into each customer’s individual needs,” Mr Comyn said.

“We are moving quickly to build, develop, partner and invest in new services we can integrate into the CommBank app. Our ambition is that our ‘For You’ personalisation function will bring together internal and external services and provide a single place for our customers to receive personalised service, benefits and offers.”

Mr Comyn said the bank would spend about $6bn on technology for its digital banking network, which services close to 7.5 million customers.

CBA is investing heavily in new digital capabilities through its venture capital start-up arm x15Ventures, which is funding new financial start-ups that can streamline business and consumer services.

The bank’s venture capital arm also announced the acquisition of its latest service Doshii, a cloud-based software that centralises apps and point-of-sale technology for hospitality businesses.

Doshii is the fifth fintech start-up in CBA’s tech program, but the first service that was externally acquired.

X15Ventures managing director Toby Norton-Smith said Doshii was a “transformative solution” for the hospitality sector.

“Doshii is our first platform business and to make it successful we want to bring the best of CBA’s backing and scale to grow it,” he said.

X15Ventures was launched one year ago and has been positioned by the bank as its think tank for new digital fintech services.

CBA has also invested in Swedish firm Klarna, which was lured to Australian shores to compete with buy-now-pay-later giant Afterpay.

Klarna Australia head Fran Ereira said close to 575,000 consumers were now using the services platform in Australia across 400 retailers.

CBA also announced it has applied for accreditation to receive data through the federal government’s open banking regime, which will give Australian consumers the power to dictate where their financial information is shared.

“The Consumer Data Right puts customers in control and will be a critical enabler of Australia’s future and the digital economy,” Mr Comyn said.

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