The Commonwealth Bank of Australia, or CBA, will be rolling out a new feature that will allow its customers to see their account balances from other banks within its company app. The service is labelled by the bank as a CDR pilot.
Commonwealth Bank of Australia Account Balance
Australia's Consumer Data Right, or CDR, officially launched on July 1, 2020, with the first tranche, an open banking-lie regime requiring financial services providers to share a customers' data when requested by the customer.
The Commonwealth Bank of Australia stated on May 27 that the CDR pilot launched recently will soon be available to all CBA customers, allowing them to see their account balances from other eligible financial institutions directly in the company's app.
The company added that they will continue to invest behind the consumer data right to bring benefits to their customers, according to CNA.
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While the first tranche of the CDR applies to the financial services industry, energy, and telecommunications will soon join the regime.
CBA stated that there will be increasing benefits to consumers as the consumer data right is extended to energy and other sectors, ZDNet reported.
The announcement was made by CEO Matt Comyn, who was providing an update on his bank's strategy and investments to reimagine products and services, and build the best digital banking experiences.
Comyn added that the shift to digital banking is accelerating, and that they are investing to remain at the forefront of innovation. Comyn reiterated his plan for CBA to be the best digital experience in Australia, bar none.
Comyn said that they aim to be the most trusted partner at the center of their customers' financial lives by saving them money, giving them more control over their finances no matter who their lender is, and by making their banking experiences simpler and easier.
CBA's Personalized Experience
The CEO also said that new services integrated into the CommBank app would allow for a more personalized banking experience for all of their customers, as per News.com.au.
Comyn stated that the new feature is about moving beyond customer service, and delivering more rewarding experiences and better outcomes that will build a deeper, more trusted relationship with their customers.
To that end, Commonwealth Bank of Australia will be investing $50 million AUD (or US$39 million) to take a share of two startups.
Furthermore, the Commonwealth Bank of Australia claims that a 23% shareholding in online shopping startup Little Birdie, and a 25% stake in Amber, which provides subscription-based access to wholesale electricity prices.
Comyn added that Little Birdie will bring customers the best shopping deals from across the internet, and will help to connect their 7.5 million digitally active customers with their 700,000 business customers.
The Commonwealth Bank of Australia combined their 50:50 partnership with Klama in Australia and StepPay, CBA's recently announced buy now, pay later card, they have a highly differentiated platform to help business customers grow and retail customers have money.
Comyn said that Amber, on the other hand, would help CBA differentiate its home buying proposition, with Amber providing direct access to wholesale prices and additional discounts for the bank's customers.
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Written by Sophie Webster
