Now is a good time for Aussie banks to overhaul their mobile offerings, as digitally active Australians are getting highly comfortable with fintech:
The new app, dubbed"CommBank App 4.0," sports new features like notifications when a subscription payment increases, advice on what to do with tax return money, alerts about fraudulent transactions, and the ability for customers to opt into having their mobile phone's location tracked, allowing CBA to more easily identify fraudulent transactions.
Now is a good time for Aussie banks to overhaul their mobile offerings, as digitally active Australians are getting highly comfortable with fintech services.
Australia is likely to see more major banks add upgrades for savings and spending insight to stay competitive. Australia has four major banks — ANZ Banking Group, Westpac Banking Corporation, National Australia Bank, and CBA — which were collectively responsible for over 75% of the market for most financial services in 2018.
And if one of them adds mobile app features customers like and adopt, the others will likely follow suit to avoid falling behind. By and large, Australian banks may be wise to upgrade their digital services: While incumbent financial institutions have started embracing financial technologies, their current offerings lag other markets, according to EY Australia Fintech Advisor Meredith Angwin, as cited by Business Insider Australia.
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