CBA rollouts digital support measures
The Commonwealth Bank has rolled out a new money management feature that includes initiatives such as building an emergency fund as it aims to proactively support its customers through the health pandemic.
Branded as the Coronavirus Money Plan, the feature will create actions tailored to each customer’s circumstances and how they have been impacted by COVID-19.
The feature draws from existing services offered by the bank such as Benefits finder
Using the CBA app or its website, customers can get a get a clear picture of their finances using the bank’s ‘cash flow view’.
The Benefits finder will help them claim money they are entitled to and review bills and spending with Spend Tracker.
The feature also allows customers to create an emergency budget or build an emergency fund with Goal Tracker.
CBA’s service comes at a time when RFi Group data shows that across the market, consumers have had their incomes impacted by COVID-19, particularly those aged 18-34, or those who are casually employed or employed as a contractor.
“COVID-19 has highlighted the importance of having an emergency savings buffer, and RFi Group data also saw that consumers under 35 who have experienced a decline in income due to COVID-19 have, on average, a lower deposit balance (buffer) compared to the total market of consumers under 35,” RFi Group manager of client insights Anna Shaw said.