Australia's CommBank has launched a site that pools transactional data to give consumers insight into spending patterns and lifestyle trends.
hub site collates consumer spending data on debit and credit cards to help users compare everyday spending, mortgage and personal loan payments, as well as savings to others in their demographic.
The bank is also using the data to analyse financial trends such as eating in vs. eating out, state of the real estate market, utility costs etc. Each month the bank will publish a new Signal that hones in on a particular issue and supplements the pure data with CommBank survey results, videos and infographics. The first Signal focuses on childcare and its associated costs.
CommBank rival NAB in November launched a similar site - PeopleLikeU
- that pulls together anonymous transaction data to identify trends and allow visitors to compare their spending with that of their fellow Aussies.
Processing over 40% of the nation's transactions each day, CommBank says it has the ability to access and analyse more financial data than any other bank.
Andy Lark, CommBank chief marketing & online officer, says: "CommBank has always had a deep passion about improving the financial knowledge of all Australians. The reality is, the more information you have, the more inclined you will be to make better informed financial decisions. Signals, a visual and interactive site providing customers with spending patterns across a broad range of topics delivers on that promise."