CommBank (CBA) has launched Bill Sense, a new digital feature that predicts future bills. CBA claims this helps customers to stay on top of their finances and helps customers plan bill payments. Customers can see how much they will need to cover for bills each month – up to 12 months in advance – on one simple timeline.
In addition to keeping bills in one place, the new commbank digital feature can predict customers’ upcoming bills.
A predicted bill is an estimate of an upcoming regular or variable payment made on previous payments made from their account or card.
Commbank revealed this new feature is based on an insight by a survey of Millenials financial habits. CBA noted “with an overwhelming number of millennials underestimating their future payments, and recognising they make too many impulse purchases, Bill Sense is designed to help customers prioritise their regular expenses”.
Also read: Digital Banking: Market shifts towards AI, cloud and secure banking
ITVibes Insights:
Commbank digital plans aligned with simplification agenda targets over 95% on cloud in 5-7 years. The big bank also announced two strategic partnerships to help deliver new digital banking services leveraging next-gen technologies.
A new digital banking report by Backbase reveals the emergence of new players and further digital disruption in the industry puts 38% of traditional banks’ revenues at risk by 2025.
Also read: The 3 trends shaping the future of digital banking
CBA has been bolstering its digital strategy even as Big Tech and Fintech target the customer base of established players.
In a recent report, Forrester rated Commbank app as the best in Australia even as it called upon the banks to anticipate customer needs. Australia’s leading bank seems to have paid attention! The latest feature is perhaps a continuation of that approach.
