For our fifth edition of our ‘5 Questions on Digital Innovation‘ (including social media banking, gamification, crowdsourcing, P2P, mobile), I interviewed the inspirational Andy Lark, the Chief Marketing and Online Officer at Commonwealth Bank of Australia.
From the very first time I met Andy Lark – Chief Marketing and Online Officer at Commonwealth Bank of Australia in Sydney back in October 2011 (a couple of days after the French lost the final of the Rugby World Cup in New Zealand…), I knew I had met someone special.
Since his arrival, Andy and his tean successfully took CommBank’s marketing presence and digital engagement level to the next level, and established CBA as one of the most innovative banks in the world in the areas of online banking, social media banking and social payments.
Not so long ago, I sent a few questions to Andy about CommBank’s online, mobile and social media banking strategy and activity in 2012 and 2013.
Please find below Andy’s comprehensive response.
1. Could you please share with us your latest stats on CBA’s online/mobile/social (including payments via facebook) activity?
Here are some of the highlights.
- Bank customer usage data reveals that mobile is the most preferred banking platform with smartphones and tablets exceeding desktop logons.
Over 1.56 million customers are now active mobile users. CommBank Kaching App has seen strong uptake with around 700,000 downloads and it has now processed more than $3 billion in transactions in 2012.
- Mobile now powers 46% of all banking transactions.
There has also been increase in online banking with almost 1 in 3 Australians (seven million) now accessing NetBank services online. Over 50 per cent of NetBank logins occur via a smartphone or tablet device.
- 6% of Peer-to-Peer (P2P) payments on CommBank Kaching are to Facebook friends.
And 28% of P2P payments in CommBank Kaching are now made using Bump technology that allows money to be exchanged or a payment to be made by tapping two iPhones together.
- These stats were provided in our technology update in November.
For more information on usage stats, and how online/mobile/social usage has evolved over time, you may want to look at this interesting video we created in November, which examines how banking has changed.
2. Talk us through your latest key initiatives and main achievements. Any exclusive info on a future project would be much appreciated.
We have lots coming this year. Especially in social and mobile. We are working hard to strike a balance between making banking simpler and easier – and providing “wow” moments through innovation. Customers give us amazing feedback which we look to build into our release schedule. Here are a few things I would spotlight.
- Sharing and Tagging on NetBank – New enhancements to NetBank will allow customers to share their payments directly with their Facebook friends and tagging all their expenses.
They can add and manage their Tax File Number directly in NetBank allowing them to manage their accounts during tax time. Investor Centre is a new NetBank Lab tool that will allow customers to monitor their overall financial position by viewing their assets and liabilities. Sending money overseas is easy with NetBank’s new International Money Transfers and customers can stay connected 24/7 with their contacts by purchasing pre-paid Telstra, Optus and BigPond vouchers in NetBank.
- Earlier this month CommBank unveiled new and updated versions of its industry-leading mobile apps on Google Android powered smartphones.
The award-winning Property Guide app is now available on Android phones, while a new version of its world-first social payments app, CommBank Kaching, has been redesigned specifically for the Android platform. The redesign of the CommBank Kaching app gives Android users access to improved functionality and additional features, such as email or SMS payment notifications, while the Property Guide app provides Android users with access to smarter property insights.
For more information the full media release is available here.
- Last year CommBank also launched the revolutionary point-of-sale platform CommBank Pi.
Following on from this launch, CommBank has been working closely with its partners, with more than 1,100 businesses and developers registering their interest. What’s more, businesses will now be able to access CommBank Leo merchant terminals that attach to Apple iPod Touch or iPhone 4 and iPhone 4S to boost customer service and process mobile payments.