CommBank has introduced new mobile functionality in response to the surprising research results that show more than a third of Australians spend more than they earn each month.
The updated app will have four new features which are designed to meet the needs of the customer to help them keep track of the money that’s coming in and the money that’s going out.
These will provide improved account security, real time spending reminders and helping customers pay their bills on time.
Some of the key take outs of the data revealed almost half of all Australians are uncomfortable with their current spending and that 56 per cent think they do not have enough in the bank to handle a temporary loss of income.
It was also revealed that only one in three households could find $500 in an emergency and 46 per cent felt they were not making any progress with their financial goals.
In response to these findings, the CommBank will unveil these new features:
– Transaction Notifications – customers can receive real time credit card transaction notifications to help keep track of their daily spend
– Spend Tracker – this is a month-to-date summary of credit card activity that shows all of their transactions to better understand their spending habits
– Savings Challenge – by showing a customer’s current transaction account spending against what they’ve been doing for the prior three months so they can improve their savings over time
– Savings Jar –customers will be able to set aside money by rounding up daily transactions.
“As Australia’s largest bank, we have a role to play in helping our customers achieve financial wellbeing,” said Pete Steel, Commonwealth Bank, executive general manager of digital.
“In a recent survey we found 73 per cent of Australians want banks to do more to understand their needs and concerns and 72 per cent want their bank to help them manage their finances in a rapidly changing world.
“Testing new features with customers will allow us to provide more personalised experiences, at pace, that our customers love.
“Customer input and feedback is incredibly important throughout the design process and we’re really interested to know if these new features can help to make a real difference to our customer’s financial wellbeing.
“Additionally, we’ve been working with our behavioural economists and other industry experts to pave a path toward financial wellbeing solutions.
“While we will always want to deliver convenience for customers, we also want to be able to provide them with the tools they need to better manage their money.”