More than 8.5 million users of the CommBank app are currently doing so on a regular basis, according to the bank’s most recent data. Customer usage of the app has grown dramatically over the last ten years; in 2014, the typical user only logged in about 15 times a month; today, that number is over 42 times per month.
In addition to offering car buying and selling services, CommBank has expanded its app’s functionality to allow users to search, book, and pay for flights and hotels. Currently, over 3 million users utilize the app’s numerous money management functions each month. This comes after More Telecom was added to the app in November 2023 to assist users in saving money on telecom services.
Meg Bonighton, executive general manager of client engagement and digital at CommBank, says the decision to add more services through the CommBank app was motivated by consumer spending patterns and saving objectives.
“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,” she says.
According to Bonighton, the most popular goal category is constantly travel expenses, which are tracked via the app’s Goal Tracker feature.
“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,” says Bonighton.
Customers who meet the requirements can now use Travel Booking to look up, reserve, and pay for flights and lodging from thousands of hotels and hundreds of airlines.
As part of the app update, CommBank is now giving users access to a variety of automobile listings from carsales and Vyro in addition to offers from top producers of electric vehicle (EV) deals.
Customers of CommBank can apply for personalized loans with conditional approval and refine their search by selecting options based on their budget, with loan repayment amounts shown during the process.
Customers who already own a car may also be qualified for carsales’ Instant Offer, which allows them to sell their vehicle in as little as 24 hours.
“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,” states Marcos Meneguzzi, executive general manager of consumer finance at CommBank.