Is CBA really the digital leader?

  • By Christine St Anne

With $1.2 billion transacted daily through the CommBank App, the bank said it now retains the digital leader position but how does it compare on the net promoter score front. 

Commonwealth Bank’s progress in digital banking was revealed as part of the bank’s full year results announced last Wednesday

The data provided by the bank was for the period ending 30 June 2020 and revealed that the total number of digitally active customers surpassed 7.4 million – which is 400,000 more than the previous year.

There are now more than 6.3 million app logins every single day, with customers using their phones to pay a bill, make a transfer, and arrange a loan.

The bank also said that around 40 per cent of payments made by Australians go through CBA’s systems.

Since the beginning of the pandemic, CBA has sent more than 250 million personalised in app messages to customers, alerting them to the Bank’s support measures and directing them to the Coronavirus Support page.

More than 5.5 million customers have viewed the Bank’s Coronavirus Support Page, and according to the bank, thousands have taken advantage of the various support measures offered by the bank.

"CBA definitely leads the market in terms of offering innovative new app features and continues to push the envelope in this regard,” Kate Wilson, general manager, RFi Group

There is no doubt that the pandemic has driven an uptake in mobile and digital banking.

According to RFi Group data the proportion of Australians using mobile banking continues to grow, with three in four Australians indicating that they have used mobile banking in the last 12 months and one in two using mobile banking weekly.

And it appears the Coronavirus pandemic does appear to have some effect on mobile banking uptake, with usage increasingly significantly over the last 6 months across various segments, however, Australia has historically seen high rates of digital engagement in comparison to other markets globally.

What is important is the way digital banking can be used to support customers through targeted measures.

For example, CBA moved to introduce an emergency stash fund option as part of its digital support measures announced a month ago

It came at a time when RFi Group data revealed peoples under 35 who have experienced a decline in income due to COVID-19 have, on average, a lower deposit balance (buffer) compared with other demographics.

Overall, RFi Group data has revealed that consumers are increasingly valuing the need for personalised advice and recommendations particularly from their main bank.

RFi Group data reveals that CBA MFI customers are also significantly more likely to use their mobile app banking on a regular basis with and 51 per cent of CBA MFI customers using a mobile banking in at least once per week, compared to 45 per cent of the market.

This seems to be translating into higher NPS rates. 

According to RFi Group research, CBA is among the top two bank’s – ING the other bank – that has the highest mobile banking app NPS in the market, with CBA’s app NPS increasing over the last 12 months as a result of the addition or innovative new features including CBA’s Benefits Finder. 

“CBA definitely leads the market in terms of offering innovative new app features and continues to push the envelope in this regard,” RFi Group deputy general manager Kate Wilson said.

“Analysis of features listed on the Apple and Google app stores by RFi Group found that CBA offers 31 different features within the CBA app, more than any other provider.”