CBA launches another budgeting app feature
The Commonwealth Bank has an app feature that helps its customers predict future bills, with its own research revealing that 70 per cent of millennials struggle to stay on top of their finances.
It was only two months ago, when Australia’s largest lender rolled out a number of digital support measures in response to the health pandemic.
According to CBA head of behavioural economics William Mailer, the new feature is designed to help people prioritise their regular expenses.
“A third of a third of Australians [in the millennial age group] recognise they make too many impulse purchases but that they struggle to set a budget and stick to it,” Mailer said.
“Smart digital services which make trade-offs between today and tomorrow clearer, can help us to keep control today, and stay on track towards our goals,” he said.
Branded as Bill Sense, the feature can an predict customers’ upcoming bills.
A predicted bill is an estimate of an upcoming regular or variable payment made on previous payments made from their account or card.
The feature allows customers can see how much they will need to cover for bills each month – up to 12 months in advance – on one simple timeline.
The launch of the feature follows research by the bank which revealed that younger people are struggling to manage their money.
The research also found that 70 per cent of millennials say being in control of finances makes them feel most accomplished; including paying all bills on time (55 per cent), knowing how much money is in their bank accounts (44 per cent) and knowing what bills are upcoming (30 per cent).
Millennials are likely to rank mental wellbeing (49 per cent) as most important to them, followed by financial wellbeing (29 per cent) and physical wellbeing (22 per cent).
Millennials who are very confident they could list all the bills they pay each month and their approximate amounts are three times as likely to believe it is very likely they will achieve their long term savings goals (50 per cent compared to 16 per cent)
According to the research, however one third surveyed admit to not using financial and budgeting tools to help them reach their goals. Of those that are using tools, just over 40 per cent are only doing so every fortnight or even less frequently.
According to RFi Group research, CBA’s plethora of app features have underpinned the increase in its NPS.
The research also found that upcoming bill notifications would be highly valued by customer.
However, RFi Group’s research also highlights that will rolling out innovative new features is a positive, so too is a stringent focus on the user experience.