Latest data provided by CBA at its half year results for the period ending 31 December 2019, show a further rise in digital transactions to 64 per cent of the total, up from 60 per cent on the corresponding period 12 months before.
The value of digital transactions has grown significantly since 2015 when they broke through the 50 per cent level. As more customers switch to mobile banking through their smartphones, using the award-winning CommBank app, this has continued to climb.
Launched in 2013, the CommBank app attracted a million users in its first year of operation, which then rose to 3.4 million users by December 2015.
Ranked the number one banking app in Australia by independent research firm Forrester for three years in a row and by Canstar for the fourth consecutive year, now 5.9 million Australians use it. That’s an increase of 600,000 customers over the year to December 2019. The app also has a Net Promoter Score of +36.2, almost 10 full points higher than the offering of the nearest major bank competitor.
The App has been through various iterations over the last six years. The latest redesign, which launched in July 2019, offers our users the first completely personalised and smart digital banking experience in Australia, backed by world-leading application of machine learning technology.
Being ‘best in digital’ is central to the strategy and builds on the Group’s customer-focused technology foundations that date back to the launch of the CommBank website in 1996 and the “go-live” of NetBank a year later.
Since CBA’s core banking overhaul, we have included tap and pay payment systems, Android Pay and Apple Pay. In 2020, our investment in technology has continued with the partnership announcement with Klarna, the global online shopping payment company, and the unveiling of X15 Ventures, which is planning to launch 25 new customer-focused businesses over the next five years.
Those moves are part of CBA’s commitment to invest $1 billion a year over the next five years in digital and technological developments to help support the future growth of the business said CBA’s CEO Matt Comyn.
Unveiling the results of first half of the 2020 financial year, Mr Comyn added: “We also continued to invest in innovation and growth. Our partnership with Klarna provides our customers with a new integrated shopping, payment and banking experience, and enhances our market-leading app; and through the launch of X15 Ventures we are building a pipeline of new digital businesses with a focus on delivering the best customer experiences”