[stock-market-ticker symbols="FB;BABA;AMZN;AXP;AAPL;DBD;EEFT;GTO.AS;ING.PA;MA;MGI;NPSNY;NCR;PYPL;005930.KS;SQ;HO.PA;V;WDI.DE;WU;WP" width="100%" palette="financial-light"]

New travel booking and car buying services are now available through Australia’s most popular banking app

4 iulie 2024

The latest data from CommBank shows more than 8.5 million customers are now regularly using the CommBank app.1 Over the past decade, customer engagement with the app has increased significantly with the average customer now logging in more than 42 times per month, up from around 15 times a month in 2014.2

With more than 3 million customers using the app’s various money management tools every month, CommBank made Travel Booking (provided by Hopper)4 and car buying services available through the CommBank app to meet more customer needs.3 This follows the integration of More Telecom into the app in November 2023 to help customers save on telecommunication services.

CommBank’s Executive General Manager Customer Engagement and Digital, Meg Bonighton, said making more services available via the CommBank app was informed by customers’ saving goals and spending trends and aimed at giving customers an increasingly integrated and personalised view of all their finances, as well as access to exclusive deals.

Cost of living is understandably top of mind for many of our customers and having an extended line of sight into key expenses, saving goals, budgets, and investments all in one place can help them feel more on top of their finances,” Ms Bonighton said.

Travel and car buying are typically major purchases, and our aim is to make these experiences more seamless and secure for our customers, as well as helping them save money where we can through a number of exclusive deals.

Introducing Travel Booking with CommBank

Since the Goal Tracker feature was introduced into the CommBank app in 2018, 3.2 million goals have been set, with travel consistently dominating as the most popular goal category.5

The popularity of travel-related savings goals and the trends we were seeing in our customers’ travel-related transactions led us to team up with Hopper, one of the world’s most popular travel agencies, to launch a Travel Booking service available via the CommBank app,” Ms Bonighton said.

Eligible customers can now access Travel Booking to search, book and pay for flights and hotels from hundreds of airlines and hundreds of thousands of hotels.6

CommBank’s recognition program CommBank Yello and its credit card awards program CommBank Awards are integrated into the secure experience to make it easy for eligible customers to help reduce their travel costs when paying.

As part of a special launch offer, eligible CommBank Yello customers will receive 10 per cent back in travel credits on any hotel booking.7

CommBank eligible credit and debit card holders can receive access to international travel insurance when they meet certain criteria.8

For more information: CommBank launches Travel Booking via the CommBank app.

Car buying service now accessible through the CommBank app

CommBank retail and small business customers can now find, finance and manage their next car via the CommBank app.

CommBank will connect customers to a selection of car listings provided by carsales9 and Vyro and will also provide unique deals sourced from leading manufacturers of electric vehicles (EVs).

CommBank customers have the option to gain conditional approval for personalised finance, and filter by options in their budget with loan repayment amounts displayed during the search.

Customers with an existing car may also be eligible to get an Instant Offer™ from carsales and sell in as fast as 24 hours.10

We know our customers want more help buying cars, particularly EVs and hybrids,” CommBank Executive General Manager Consumer Finance Marcos Meneguzzi said.

Our car loan numbers are up 29 per cent over the past year and loans for hybrid or electric vehicles are up by 45 per cent.11 That’s why we’re working with carsales and Vyro to launch a car buying service that delivers more value for customers.”

After a customer purchases a car through the CommBank app or Netbank, they’ll be able to house all the financial and ancillary services to do with the car – such as insurance or home charging solutions – in one place in the CommBank app,” Mr Meneguzzi said.

For more information: CommBank launches car buying service via the CommBank app.

New features follow the successful integration of more affordable mobile and NBN services for customers

The addition of Travel Booking and car buying services into the CommBank app follows the successful integration of More Telecom.

Just as the decision to add Travel Booking and car buying were informed by customer use of the app’s money management tools, so too was the decision to provide customers with more affordable mobile and broadband.

More than 4.7 million of our customers have used one of our money management tools called Bill Sense, which helps to safeguard customers from falling behind on bill payments,” Ms Bonighton said.12

The data we have seen through Bill Sense has yielded a number of telling insights over the years. One that really stood out was the challenges customers face with their internet and mobile bills, which, relative to other parts of the world, are very expensive in Australia.

This finding was one of the reasons we launched our strategic partnership with More Telecom in 2021 to offer our customers discounted NBN and mobile services.

Over the past three years, more than 200,000 CommBank customers have joined More, making it one of Australia’s fastest growing telcos.13 Since the service was integrated into the CommBank app in November 2023, 11,000 of the 200,000 joint CommBank and More customers have linked their More account in the CommBank app.14

Just as our partnership with More has done, we anticipate our Travel Booking and car buying services will deliver incredible value back to our customers and recognise them for banking with us,” Ms Bonighton added.

Rewarding customers for doing more with CommBank

The range of value CommBank customers can access through the app continues to grow.

Launched in 2023, CommBank Yello, the Australian banking-first recognition program, is now being actively used by more than 5.1 million retail customers.15 Since launch, more than 6 million offers have been activated, and over $34 million has been distributed through prize draws, product cashbacks and partner offers.

CommBank Yello recognises customers for banking with us and doing more with us. By increasing the frequency of engagement we have with customers, we get to know them better, and we can meet more of their needs in an ever more personalised and convenient way,” Ms Bonighton said:

We’re excited to see what’s next as we combine data insights and AI to recognise where our customers want us to go next.” 

_____________

1 As at May 2024.

2 As at May 2024.

As at April 2024.

4 All travel products and offers from Travel Bookings are subject to availability and can only be booked by eligible CommBank cardholders. Travel Booking is provided by Hopper Inc (Hopper). Hopper is not part of the CBA Group. CBA is not responsible for the content on the Travel Booking portal, nor the provision of any of the services that are offered through the portal. The services offered are subject to the Travel Booking terms and conditions. CBA does not guarantee the obligations or performance of Hopper or the services it offers. CommBank will receive a portion of the revenue generated from the Travel Booking.

Holiday was the most popular category of savings goal set by customers in the CommBank app between May 2023 and April 2024, with around a quarter (23 per cent) of all goals set. 

6 CommBank retail and business debit and credit card holders, StepPay customers and Travel Money Card holders.

As part of an exclusive launch offer that is subject to change, eligible CommBank Yello customers – those belonging to either the Everyday Plus or Homeowner benefit sets – will receive travel credits back after booking a hotel which they can use for their next booking. Offer: 10% back in Travel Credits applies to eligible CommBank Yello Homeowner and CommBank Yello Everyday Plus customers who use their eligible CommBank retail or business credit or debit card, StepPay card or Travel Money Card on the hotel booking via the Travel Booking website. Offer can be withdrawn at any time without notice. 10% back in Travel Credits applies to the booking amount you pay for excluding any Awards points or Travel Credits redeemed. Travel Credits will be applied to your Travel Booking Wallet within 5-7 business days of your booking and has a 2 year expiry from the booking transaction date. Expiry dates can be viewed in your Wallet & Offers page of the Travel Booking website. Travel Credits earned must be redeemed in full on eligible future bookings. Travel Credits are not transferable or exchangeable for cash. If you cancel or the supplier cancels the hotel booking for any reason, the 10% back in Travel Credits will be forfeited. In the event that you no longer have at least one CommBank retail or business credit or debit card, StepPay card or Travel Money card, you will forfeit all your Travel Credits. For full terms and conditions go to travelbooking.hopper.com/terms

8 Eligible CommBank credit and debit card holders receive access to complimentary travel insurance. Credit card holders must spend at least $500 in a single transaction on prepaid travel costs and activate to receive any cover, including Overseas Medical cover. Debit card holders must activate to receive comprehensive cover, overseas Medical cover and personal liability insurance is automatically included. Read more details here

9 carsales is owned by CAR Group Limited and is an online automotive classified business. carsales provides dealership-sourced vehicle listings on the platform. carsales does not warrant, guarantee or endorse the accuracy or completeness of, or the representations made in, the material on the platform or any information received as a result of placing an enquiry about a vehicle. You are responsible for assessing the accuracy of the material and any such information and rely on it at your own risk, and to the extent permitted by law, carsales is not liable for any loss or damage relating to your use of, or reliance on the material or information.

10 Not all vehicles are eligible for carsales Instant OfferTM, exclusions apply. See full terms and conditions.

11 CommBank customer data between 1 October 2022 and 30 April 2024 of car loan customers any vehicle versus a hybrid or electric vehicle only.

12 Since launch in April 2019.

13 Based on ACCC Wholesale Market Indicators Report, December Quarter 2023. Includes More and Tangerine Telecom services.

14 Based on total number of CommBank customers who have linked their More account in the CommBank app from November 2023 to May 2024.

15 Since August 2023.

Adauga comentariu

Noutăți
Cifra/Declaratia zilei

Anders Olofsson – former Head of Payments Finastra

Banking 4.0 – „how was the experience for you”

So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”

Many more interesting quotes in the video below:

Sondaj

In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale?