Millions of Australian banking customers were unable to access ATM and Eftpos services on Sunday after severe storms on the east coast caused widespread damage, including a major outage at a cloud computing service used by several banks.
Despite the rise of digital channels, 80% of Commonwealth Bank of Australia's high-value customers still use branches, meaning that the firm's expensive bricks-and-mortar operation is set to stay in place for years to come.
Australian bank stand to lose up to A$13 billion in aggregated revenue to fintech startups, according to research from Frost & Sullivan.
Square's move into Australia has gotten off to a rocky start, with Commonwealth Bank only agreeing to lift a security-related block on the mPOS service after an intervention from Visa and MasterCard.
In a world-first, from today businesses will be able to use a single device to both take payments as well as access front-end point of sale and back-end processing systems; improving operational efficiency and their customers’ experience.
Commonwealth Bank of Australia is to launch an innovation lab in both Hong Kong and London to create a joined-up global approach to new tech initiatives across the bank.
Commonwealth Bank of Australia has pledged $10 million in funding to support a local research effort to build the world’s first silicon-based quantum computer in Sydney.
Commonwealth Bank and Goldman Sachs today announce a strategic alliance that will create a preeminent capability in equities by combining leading equity capital markets and investment research expertise with Australia’s largest online retail share trading platform.
CommBank app Tap & Pay now supports both MasterCard and American Express credit card payments, adding to the existing debit card functionality and giving more Australians the ability to further embrace the digital wallet and manage their money on-the-go.
Australia's Commonwealth Bank is partnering with think tank Coala to run a two-day blockchain workshop in Sydney.
© Finextra Research 2016