Commonwealth Bank of Australia has used a combination of machine learning technology, deep data analytics and behavioural science to upgrade its banking app to offer greater personalisation, tailored specifically to the individual needs of each customer.
First launched in 2013, the latest iteration of the app has been designed to be "customisable like the iPhone and personalised like Netflix recommendations" says CBA chief digital officer Pete Steel.
"It's a fresh new look and feel - it's quite unbank-like," Steel says. "Combining functionality and the power of AI and data to bring things to customers' attention quicker, better than ever before."
The app will nudge customers to make better financial choices - like paying their tax bill on time or lowering credit card debt - point out unusual transactions, notify users of increases in regular subscriptions and use opt-in geo-location tracking to spot fraudulent activity.
“This year the CommBank app will send over 3 billion personalised messages to customers using 157 billion data points and 200 advanced machine learning models through our innovative customer engagement engine," says Angus Sullivan, group executive of retail banking services. “This is designed to give our 5.6 million app users greater control and visibility of their cash flow, including real-time insights into their spending behaviour, to help them achieve their goals and improve their financial wellbeing.”
The release of the app comes as the bank releases new figures showing the acceleration of digital technology uptake by customers. CBA now claims seven million digitally active users, with digital transactions accounting for almost two-thirds of all transactions processed by the bank by value.
CBA has also revealed digital wallet numbers for the first time, with 2.6 million active CBA cards identified through CBA merchant terminals in FY19.
The bank has used the launch to publicise a new report on the future of banking by KPMG, which forecasts that by 2030 Australians will be using “super-apps” that will make banking seamless and invisible to everyday customers.
It forecasts that biometrics such as facial and voice recognition will have completely replaced other forms of digital security like passwords and PINs, while AI, machine learning and data analysis will enable banks to proactively switch customer subscriptions with non-banking services to automatically take advantage of peak pricing and volume discounts.
Ian Pollari, report author, says: “Technology will continue to fundamentally re-shape how we work, live, play and how we wish to manage our finances. By 2030, leading digital banks will help consumers better manage their increasingly complex, fragmented lives - for their financial needs and beyond.”