Independent research firm finds CommBank takes the lead, delivering impressive digital experiences and excelling at UX and functionality
The Commonwealth Bank (CBA) today announced that independent research firm Forrester has named them the overall digital experience leader among mobile banking apps in Australia for the fourth consecutive year.
The Forrester Digital Experience Review™: Australian Mobile Banking Apps, Q3 2020 report has cited CommBank app as the overall leader in digital experience.
The report states, “for the fourth year running, CBA takes the lead by delivering impressive digital experiences, excelling at both user experience and functionality.”
Due to the current economic recession, protecting the financial wellbeing of consumers has also never been more important.
According to the report, “not only did [CBA] take the top spot for overall digital experience leader; it also led in both functionality and UX. CommBank received perfect scores for account management, money movement, assisted service, and marketing and sales.” The report also states that CommBank is one of two banks that are “leading examples of how banks should better understand their customers and put customers first by helping them improve their financial wellbeing.”
According to Forrester, 53 per cent of Australian online adults report that they use their smartphone to conduct their banking.
CBA figures also show a significant increase with digital payments by value now accounting for two-thirds of the total amount of transactions managed – an increase from 50 per cent of all transactions five years ago. This has been accelerated in recent months due to coronavirus, with over 290,000 new and existing customers signing up to the CommBank app and NetBank since March.
Angus Sullivan, Group Executive of Retail Banking Services, said: “Banking digitally is now arguably more important for consumers than ever before. Over the last decade, we have seen more and more customers become accustomed to doing their banking in the palm of their hands, but the coronavirus pandemic has now made it a necessity for most of us.
“Access to simple and easy-to-use online banking that supports our customers’ financial wellbeing has become even more crucial, especially for those who may not have much experience of banking online,” he said.
CBA has also continued its winning streak, holding onto its Canstar Bank of the Year Awards for both Online Banking and Mobile Banking. CBA has won the Online Banking Award every year since 2010, making 2020 its 11th consecutive win. It also won the Bank of the Year Award for Mobile Banking every year since it was introduced in 2016, meaning it has now racked up five consecutive wins.
Mr Sullivan continued: “In the current climate, we understand the importance of ensuring we are using digital innovation to build trust and offer tailored support for our customers and provide simpler, better banking that has their financial wellbeing front and centre.”
Digital banking has been key to supporting customers during coronavirus and CommBank’s app features are helping them:
- Get a clear picture of their finances with Cash Flow view;
- Claim money they might be entitled to on Benefits finder;
- Review bills and spending with Spend Tracker;
- Make it easier to tailor repayments or seek financial assistance;
- Create an emergency budget; or
- Build up an emergency fund with Goal Tracker
