CBA reimagines banking for Australian businesses, introduces loyalty program

Commonwealth Bank of Australia (CBA) has today announced new products, services and features for business customers, aimed at meeting more of their banking needs.

CBA’s Group Executive Business Banking Mike Vacy-Lyle said: “As Australia’s leading business bank, we are committed to developing innovative products that do more for our customers, meet more of their needs, and provide that single, holistic experience to eliminate confusion and complexity from their banking.”

Introducing CommBank Yello for Business

Eligible small and medium businesses will soon be able to receive special offers, discounts and other provider benefits with the expansion of CommBank Yello, one of Australia’s largest customer recognition programs.¹ Launched in 2023, CommBank Yello provides around $400m of value to CommBank retail customers each year.²

The expansion to CBA business bank customers will allow eligible businesses to receive discounted provider offers and valuable benefits. Benefits may include offers and discounts on business-related purchases such as travel, technology hardware, business software, telecommunications and workwear.

“CommBank Yello for business is designed to reward and recognise our customers for banking with CBA. We have seen a great response from retail customers who have utilised these personal offers, so it’s exciting to be able to soon welcome business customers to the program,” said Mr Vacy-Lyle said.

CommBank Yello will be progressively rolled out to business customers in the coming months.

Australia’s first flexible withdrawal term deposit 

In a first for term deposits in Australia, the new Flexi Business Investment Account gives businesses the ability to withdraw up to 20 per cent of their term deposit at any time without interest adjustment or fees, earning competitive interest on the full balance of the account – including the flexible balance. 

Mr Vacy Lyle said the first-in-market proposition was an innovative product providing businesses with competitive rates and flexibility.

“Many businesses hold cash for lump sum payments for specific periods of time, such as covering tax payments at the end of financial year, or to have aside to manage unexpected costs. We know businesses want to maximise interest on the cash they may be holding but at the same time they want the peace of mind to make withdrawals when needed, and the new Flexi Business Investment Account allows them to do just that. It means business owners can earn competitive interest on funds without the typical restrictions on withdrawals.”

The minimum balance required on the account is just $5,000, with three-, six-, nine- or twelve-month terms available. If a business does withdraw the 20 percent before the end of the term, the remaining 80 per cent will continue to earn interest during the fixed term.  

Launching Smart Health for Pharmacies

CBA is launching CommBank Smart Health for Pharmacies, a new innovative omni-channel solution developed in collaboration with Scrypt Ventures, to transform the payments experience for patients and pharmacy providers.

Smart Health for Pharmacies gives patients more ways to pay for their medications and over-the-counter goods by enabling pharmacies to facilitate in-store and remote payments, such as telephone orders for prescription or over-the-counter goods, in a safe and secure way that is integrated with the pharmacy point of sale (POS) software in-store.

Mr Vacy-Lyle said: “CommBank Health was established to identify unique opportunities to leverage our technology and work with industry leading vendors to build solutions for Australia’s healthcare industry. We want to ensure the healthcare sector is supported by innovative payments solutions and today’s announcement is part of our continued efforts to deliver Australia’s best-in-class digital experience for the healthcare sector and its consumers.”

“Smart Health for Pharmacies makes it easier for patients to access prescriptions and goods when they need to, in a way that is quick and convenient. It also makes the process of remote payments safer, more efficient and streamlined, giving pharmacists more time back in their day to spend with patients.” 

The new solution integrates the Scrypt.Pay mobile app for remote customer payments with the Smart Health instore terminal solution into one offering for pharmacies. When a pharmacy’s customer places an order, the pharmacist can initiate a payment request from their POS straight to the customer’s mobile phone. Customers receive an SMS from Scrypt with a validation code to enter into the Scrypt.Pay app, and continue either as a guest or a registered user, review their order and check out in a safe and secure way using the CommBank Smart Health payment gateway.

Scrypt Founder and CEO Lloyd Smith said: “Collaborating with Commonwealth Bank to bring this solution to market has not only streamlined transactions but also enhanced the customer experience and empowered our pharmacy partners. We've witnessed firsthand the positive impact it has had on both sides of the counter, improving efficiency and convenience for all involved and we look forward to continuing to innovate and serve our customers and partners with cutting-edge technology.”

Smart Health for Pharmacies will launch in the first quarter of FY25, following an 18-month pilot by 22 pharmacies across Australia.  

¹ CommBank Yello is now one of Australia’s largest customer recognition programs by number of customers.

² $400m of cashbacks, discounts, prize draws, ‘money can’t buy experiences’ and credit card award points is expected to be offered to eligible customers each year.

Go to CBA Newsroom for the latest news and announcements from Commonwealth Bank.