Commonwealth Bank invests in new tech to make app a one-stop shop
Customers can access shopping deals and cheaper energy prices under major changes to the Commonwealth Bank app.
The nation’s major bank on Thursday unveiled two investments worth $50 million into tech platforms Amber and Little Birdie, both of which will be integrated into the bank’s online service.
CBA’s tech expansion is in part to create an online banking app that links multiple services such as retail, loans and utilities under one platform.
CBA chief executive Matt Comyn said the bank’s app needed to be at the forefront of innovation as more customers switch to digital financial services.
“We are integrating new services into our platform to customise and personalise the digital experience in ways that will increase engagement and bring greater value to our customers,” he said.
“It’s about moving beyond customer service and delivering more rewarding experiences and better outcomes that will build a deeper, more trusted relationship with our customers.”
Amber is a new type of energy retailer, where a customer pays a $15 a month subscription fee to access real-time wholesale energy prices, which are designed to reduce a person’s total power bill.
Little Birdie is an online shopping platform that allows a user to track and compare more than 70 million shopping products.
CBA has taken a 23 per cent stake in Little Birdie and a 25 per cent holding in Amber.
It is understood CBA is looking to bring on other services such as an NBN provider.
Mr Comyn said Amber would become integral to its differentiation from other banks when trying to attract new home loan customers.
“Purchasing a home is a time when customers look for ways to save money, and electricity is a large expense in a household budget,” he said.
“Our partnership with Amber will help to differentiate our homebuying proposition, with Amber providing direct access to wholesale prices and bringing additional discounts for CBA customers.”
Little Birdie is the latest retail shopping addition brought in under the CBA umbrella, with the major bank already a 50 per cent backer of Klarna Australia and StepPay.
The bank has also implemented its own buy now, pay later card and service to compete in the emerging payments sector that is dominated by Afterpay.
“Little Birdie will bring customers the best shopping deals from across the internet and will help to connect our 7.5 million digitally active customers with our 700k business customers,” Mr Comyn said.
“Deals and offers, integrated with CBA’s goal savings products, will help customers save for a special purchase in a completely different way.”
Originally published as Commonwealth Bank invests in new tech to make app a one-stop shop
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