Highlights
- CBA digital experience ranked at the top for the fourth consecutive year
- Forrester reviewed four big banks: ANZ, CBA, NAB and Westpac
- Included neobank 86 400 for the first time
- Consumers are under growing financial pressure and are looking to their banks for help
Forrester’s latest report on Australian Mobile Banking apps has rated the CommBank app as the overall leader in digital experience for the fourth consecutive year. The report states, “CBA takes the lead by delivering impressive digital experiences, excelling at both user experience and functionality.”
CBA is the leader in usability, functionality, and overall digital experience for the fourth consecutive year noted the report. For the fourth year running, CommBank takes the lead by delivering impressive digital experiences, excelling at both user experience and functionality.
Forrester’s latest review includes the mobile banking apps of the Big Four banks and neobank 86 400 for the first time.
“Leading Australian banks do well at delivering digital functionality to help users complete basic mobile banking tasks like transferring money and making recurring transfers or bill payments.
Consumers are under growing financial pressure and are looking to their banks for help. In fact, 42% of Australian online adults have seen their income negatively impacted by COVID-19.
The best mobile banking experiences don’t just meet customer needs with strong features and easy-to-use apps, they also anticipate customer needs, Forrester noted.
Also Read: The 3 trends shaping the future of digital banking
Forrester recommended the banks to:
- Let customers manage alerts
- Communicate better with customers
- Give customers more visibility into where they spend their money.
- Help customers reach their financial goals
- Improve self-service features
CBA Strategy driven by technology foundations and digital transformation
Announcing the H1 results earlier this year, CEO Matt Comyn said “A big part of our strategy is delivering exceptional customer service, but also doing with leading technology. And it’s not just about the digital experience, it’s about a real-time and high availability system”.
Reducing the number of apps running on “too much infrastructure”
Of the about 3,500 applications, Commonwealth bank aims to reduce the footprint down by 25%. This is in line with the bank’s strategy of becoming a “simple bank” while embracing the cloud paradigm.
A major cloud migration program is underway and CBA aims to achieve about 95% on the cloud.
CBA also has big investments in Institutional banking division – investments in the underpinning infrastructure and systems, everything from the KYC onboarding process to the institutional lending system.
Also Read: National Australia Bank’s Digital Strategy
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