Commonwealth Bank has promised that its pivot towards increased digitisation will speed up turnaround times, as it has launched an open banking pilot in its app and invested in two start-ups.
The CBA chief has said shaving turnaround times are a key component to the bank’s game plan looking forward, as it has launched a data sharing pilot and bought stakes in two start-ups.
External | what does this mean?
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
CBA records surge in millennials opening business accounts 30 April 2021
Source: CBA New research from Commonwealth Bank of Australia has found the number of millennial small business owners is on the rise, with many young Australians turning their business ideas into a reality. The number of new CBA Business Transaction Accounts surged 36 per cent over the past six months, with Millennials (born between 1981 - 1996) driving the majority of the growth.
Millennials accounted for 57 per cent of all new business accounts in the last 6 months - up from 43 per cent in 2015. Gen Z (those born from 1997) opened a further 10 per cent of new accounts.
Date Time
CommBank unveils new BNPL offering
Commonwealth Bank of Australia has today unveiled its new Buy Now, Pay Later (BNPL) offering which can be used anywhere debit and credit card payments are accepted
[1]. It will begin rolling out to eligible CBA customers from mid-2021.
Available to eligible CBA customers, the new BNPL links to a CBA bank account, with no ongoing fees
[2] and at no additional cost to businesses
[3].
“Customer needs are evolving and this new BNPL offering is about giving customers more choice around how they choose to pay and when, depending on the option which suits them best,” said CBA’s Group Executive, Retail Banking Services, Angus Sullivan.