In an update on the Group's strategy and investments to reimagine banking,
'We seek to be the trusted centre of our customers' financial lives, using technology to build the best integrated and personalised digital experiences to suit all the ways our customers interact with us. Our strategy is to broaden and deepen our distinct and highly differentiated proposition to give customers more reasons to bank with the
Unloan launches nationally
CBA today announced the availability of its new digital home loan, Unloan, which provides one, simple, low cost interest rate.
Owner-occupiers who refinance to Unloan will pay an interest rate of 2.14% (2.06% comparison rate) and investors 2.44% (2.36% comparison rate). Digital applications take as little as ten minutes and customers receive a loyalty discount that grows by 0.01% p.a. every year, up to 30 years.
Customers looking to refinance their properties up to a value of
Kit pilot for younger customers
CBA is also announcing the launch of Kit, a money app and digital information tool for kids, aimed at helping them learn about money, how to save, how to budget and how to manage their spending.
With their own Kit account and prepaid card, kids can manage their own earning, saving, and spending through fun, experiential learning. Kids can earn money on 'chores PayDay', create savings 'Stacks', access their money through an ATM and tap their card to make purchases. In
Kit is in pilot with up to 5,000 customers and has been built with the help of kids, parents and caregivers along with an independent advisory panel of experts in youth mental health and wellbeing, digital services for children and families, artificial intelligence and financial capability.
CommSec in the CommBank app
To help customers with their investing needs, CBA announced that
Starting with the award-winning CommSec Pocket, the first CommSec offering to be integrated, existing and new customers will be able to access and transact on their investment accounts direct through the CommBank app with one simple log-in.
'Customers tell us they want to be able to manage all of their money in one place and now they will be able to move seamlessly between their everyday banking and CommSec investing with one log-in that will give every qualified CBA customer access to CommSec's investing tool.'
Launched just three years ago, CommSec Pocket now has over 330,000 accounts and offers the opportunity to invest as little as
Some CommBank customers already have access to CommSec Pocket through the CommBank app, and this capability will progressively be made available to all CBA customers over the coming months. Later in the year, general CommSec share trading services will become available through the CommBank app.
Launch of CommBank 'Yello'
In a further initiative, CBA today launched CommBank Yello, a new recognition program that better rewards customers with specific, personalised benefits and offers.
CommBank Yello is specifically focused on recognising our existing customers by providing them with benefits for banking with us.
Yello will be available to more than six million retail customers with a banking account, with benefits tailored to customers depending on their products and tenure with the bank, whether they are a homeowner, investor or everyday banking customer. Each customer will have different eligibility criteria and the benefits are tailored to provide maximum relevance and value to our customers.
We will provide a range of benefits that will evolve over time, including discounts, cash backs and additional services and tools to recognise our existing customers.
Initially available to Homeowner and Homeowner Plus customers, benefits include a
The recognition program will be progressively rolled out to our customers later this year.
'With CommBank Yello there are no tiers, no statuses and no need to spend more. We simply want to recognise customers for the depth and duration of their relationships with us by offering them tangible value and ways to save. It's our way of thanking customers for continuing to bank with us,' said
Disclaimers:
x15ventures and Kit are brands of CBA New Digital Businesses Pty Ltd ABN 38 633 072 830 trading as
Unloan is a division of the
The information has been prepared without taking account of the objectives, financial situation or needs of any particular individual. For this reason, any individual should, before acting on this information, consider the appropriateness of the information, having regards to the individual's objectives, financial situation or needs, and, if necessary, seek appropriate professional advice.
Rates are current at the date of this release and are subject to change. Applications are subject to credit approval, satisfactory security and minimum deposit requirements. Full terms and conditions will be set out in our loan offer, if an offer is made.
Comparison rate calculated on a
You can view the CommSec Pocket Terms and Conditions, Share Trading Terms and Conditions, Best Execution Statement and Financial Services Guide here, and should consider them before making any decision about these products and services.
Commonwealth Securities Limited ABN 60 067 254 399 AFSL 238814 (CommSec) is a wholly owned but non-guaranteed subsidiary of the
CommBank app terms and conditions are available on the app.
Tags
Technology Digital ASX announcement
Get in touch
Journalists can email media@cba.com.au or call us on +61 2 9118 6919
(C) 2022 Electronic News Publishing, source