Pandemic sees drive towards digital banking

Over the last 12 months, the number of customers using the CommBank App has increased by 5.5 per cent, from 5.9 million users to 6.3 million users. Meanwhile, digital wallet transactions increased by 106 per cent between December 2019 and December 2020.

In a recent podcast with CBA Newsroom, the bank’s Executive General Manager Everyday Banking, Kate Crous, said bank data revealed customers were increasingly using digital channels to complete more of their banking tasks, thanks in some part, due to the current COVID health pandemic.

“As a bank we have invested significantly and continuously in our digital capabilities, as this is increasingly clear that this is how our customers like to interact with us,” Ms Crous said in the podcast. 

“Instead of just looking at their balances and transactions they are looking at our special features. We sent over 730 million COVID related messages to our customers within the app. And, over 400,000 customers took up our COVID money plan which helped them to stay on top of their finances.”

Ms Crous said some of the app’s other features like Spend Tracker, which lets you track what you are spending money on, saw its usage spike by around a third over the last 12 months.

Further, over 900,000 claims have been commenced as a result of Benefits finder within the last 12 months.

Released nationally in September 2019, Benefits finder was created to help connect customers with government benefits, rebates and concessions they may be eligible to claim. Benefits finder is helping to connect customers with more than $150 million annually.

Looking ahead, Ms Crous said she would expect to see even more customers conducting more of their banking needs via digital channels.

“As we continue to digitise our services, it will be easier for our customers to do 100 per cent of their banking digitally, if they choose” she said.

But while Ms Crous expects to see a continued move towards digital banking, she said it was important for the bank and the broader industry to continue to consider and meet the needs of its non-digital customers.

“One of the challenges for us and the broader industry is to make sure these customers have the same access and support as we continue to digitise,” she said.

“Specifically for Commonwealth Bank, through the pandemic we sent out debit cards to our active passbook customers so that they would have an electronic way to bank when they needed to isolate or be safe at home.

“We continue to support customers in all the channels that they want to interact with us. We have the largest branch network, filled with wonderful, friendly colleagues to help our customers. And we have our Australian call centres ready to support our customers from the comfort of their homes.”

To hear the full podcast with Kate Crous, click the button below.