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CBA boosts tech spending to fend off fintech rivals
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The Commonwealth Bank has flagged a lift in its technology spending, as it faces a wave of competition from fintech rivals and looks to cement its key position in customersâ financial lives.
Chief executive Matt Comyn on Thursday indicated the bankâs technology spending was ramping up, such that a 2019 commitment to spend more than $5 billion over five years would increase to more than $6 billion.
Commonwealth Bank chief Matt Comyn.
Credit:Louie Douvis