CBA adds Coronavirus Money Plan feature to the CommBank app

Source: IBS Intelligence 2020-06-22

To support customers in these times of COVID-19 (Coronavirus), Australia’s Commonwealth Bank (CBA) has announced that it is progressively rolling out a new feature in the CommBank app. The feature will offer practical, simple, relevant and actionable guidance and tools so that its customers can be apprised on the better management of their finances.

Known as the Coronavirus Money Plan feature, it will create actions and tasks suitable for a customer’s circumstances based on their level of impact by the challenging pandemic situation.

CBA Group Executive Retail Banking Services, Angus Sullivan, said, “Commonwealth Bank is moving to deliver further customer assistance for those affected by coronavirus to continue to provide support which better suits their needs.

“This latest feature is designed to help customers get back on top of their finances or adjust to a new situation by helping them assess their current situation, find additional resources for financial support, as well as how to build up an emergency buffer with the tools and features already available in the CommBank app.”

Almost half (44 per cent) of Australians are greatly concerned about the future impact of the coronavirus, particularly in regards to their health and finances, according to research conducted by FiftyFive5 and prepared for the Commonwealth Bank (CBA). Additionally, over half claimed a reasonably high level of personal impact as they worry about the wellbeing of their family members.

“From the research we found the majority of people aren’t quite sure what to expect. People are facing a new and challenging territory, both personally and professionally, causing them to feel overwhelmed and uncertain. In addition to the support we are providing directly with our own product and service changes, we are determined to help our customers and this in-app feature is aimed at supporting our customers who are unaware of the simple steps they can take to get their finances back on track or adjust to a new situation and plan ahead,” Sullivan said.

The app or CommBank’s website will enable customers to get a clear picture of their finances with Cash Flow view; claim money they might be entitled to on Benefits finder; review bills and spending with Spend Tracker; make it easier to tailor repayments or seek financial assistance; create an emergency budget; and build up an emergency fund with Goal Tracker.

CBA adds Coronavirus Money Plan feature to the CommBank app

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