Commonwealth Bank aims to extend its lead over rivals in the mobile banking and payments space after announcing a range of new functions and improvements that will roll out across the remainder of 2013 and into 2014.
Enhancements to the CommBank app will give customers access to the latest everyday banking technology. The Bank has also announced two new NFC (near field communication) payment solutions that will transform and simplify the way customers pay for everyday goods and services by enabling contactless payments through the CommBank app on their smartphone.
“The additions announced today deliver a whole new level of trust and convenience to the way consumers make mobile payments and manage their everyday mobile banking,” said Michael Harte, Group Executive Enterprise Services and Chief Information Officer, Commonwealth Bank.
“Trust is vital to deepen our customer relationship value in mobile banking. Our customers increasingly demand access to leading smartphone, tablet and PC technology. We continue to invest in rich content and the back-end technology that enables us to deliver real time value to our customers. “Our strong platforms and security layers are at the heart of all our technology, and have spearheaded the growth in consumer confidence in mobile banking services,” Mr Harte added.
From grabbing a coffee on the go, to paying for everyday groceries – customers will now be able to use their smartphones to make contactless payments with a simple tap – turning their smartphone into an e-wallet. The new CommBank app will enable customers to pay on-the-go, do their banking anywhere and: check a balance with a simple swipe on their phone (no PIN required); pay bills* via a QR code; pay a mate back using their mobile number, email, Facebook® contact or via Bump^; and find the nearest ATM or branch. Since its launch in early 2011, the CommBank app has become the number one financial services app in Australia with more than 3.7 million downloads and close to two million active users.
“Mobile devices are increasingly the device of choice for millions of Australians when it comes to managing their money. Mobile access now represents more than half of all access to online banking. We continue to deliver a simple and convenient mobile experience that exceeds expectations,” said Lisa Frazier, Executive General Manager Digital Channels, Commonwealth Bank.
“By leveraging the success of CommBank Kaching and using next generation mobile technology, the enhancements to the CommBank app will give customers access to world class mobile banking and payment solutions – effectively turning their smartphone into an e-wallet. With rapidly increasing adoption of mobile banking, we expect to see continued demand for the latest technology innovations and as Australia’s leading technology bank, we will continue to set the pace for the rest of the industry,” Ms Frazier added.
Three years ago, 88 per cent of online banking logons were through a desktop. Today, mobile is the main method in which customers logon on (56 per cent), while CommBank’s volume of contactless payments have increased sixfold in the past 12 months alone. As consumers seek more convenient ways to pay on the go, CommBank is making mobile and contactless payments more accessible than ever before. Growth in contactless payments has also increased in popularity alongside the exponential growth in mobile banking.
“Worldwide contactless payments continue to grow and CommBank will continue to adapt to the customer demand for convenient mobile payment technologies,” said Angus Sullivan, Executive General Manager Cards, Payments, Analytics & Retail Strategy, Commonwealth Bank.
“This announcement demonstrates we’ve taken the next step in pioneering the mobile payments evolution, with CommBank PayTag and an embedded NFC payment solution. As the only Australian bank with an NFC payment solution for both iPhone and Android devices, this will transform the way our customers make everyday payments,” added Mr Sullivan.
KEY FEATURES OF COMMBANK’S NEW TECHNOLOGY INNOVATIONS
Enhanced CommBank app – available across iPhone, Android, Windows 8 (for the first time) smartphones, the new CommBank app will allow customers to manage their everyday banking needs without ever leaving Australia’s number one financial services app. Key features and enhancements include being able to make mobile payments (from bills and transfers to contactless payments for everyday purchases), day-to-day banking such as simple balance checks, and a refreshed new look and feel.
CommBank PayTag – a ‘smart’ sticker that customers can attach to their smartphone to make secure contactless payments of up to $100 in value. Activated via the enhanced CommBank app, CommBank PayTag is the only solution of its kind in Australia that enables customers to control the contactless functionality, turning it on and off as they need and selecting which account to pay from. CommBank PayTag will be available to order for all iPhone and Android smartphones.
Embedded NFC solution – coming soon to certain smartphones is CommBank’s phone-embedded NFC solution which will allow customers to make contactless payments via the CommBank app.
SECURITY AT THE HEART OF INNOVATION
Security remains a top priority for Commonwealth Bank and all CommBank app transactions are backed by a 100 per cent money back guarantee. For more information, visit www.commbank.com.au/comingsoon.