Monday , August 21 2017

CommBank announces new features and a new small business app

CommBank-Event-Header

Commonwealth Bank hosted an event this morning at their Darling Harbour headquarters to talk about new features they’re making available for customers in the coming months.

CommBank’s CIO Michael Harte said, “Mobility is not a trend; it is increasingly our way of life”, and shared some numbers that put into perspective – they’ve seen over 2.3 million registrations on their new mobile app since its release in late 2013.

That that number actually far exceeded their expectations for uptake of the app – but of course, they’re quite happy with the result. The app is currently seeing 45,000 logons per hour and seeing over $1 billion of transactions , and the Tap & Pay functionality is being used to the tune of $1 million per week.

CommBank CIO, Michael Harte
CommBank CIO, Michael Harte

Small Business App

Today saw the announcement of the bank’s new CommBank Small Business app, which will launch on Android and iOS in June 2014. It brings a number of features designed to help small business owners to take on-the-spot payments, create estimates and line items, and manage invoices, cash flow and business operations from within the app.

CSBA_New_DSC_3856[1][2][2]

CommBank is targetting mobile businesses rather than those in fixed premises, pairing the new app with a small mobile point of sale terminal called ‘Emmy’ to facilitate processing of card payments through the app. Emmy connects to the host device via Bluetooth, allowing swipe or chip & pin payments.

The app seems like a smaller MYOB or Xero accounting service. Small business owners can get an Emmy terminal and use it to process payments within the app from June. There’s a $30/month fee and 1.5% transaction charge for the service.

The remaining announcements were about new features that will be added to the Android and iOS CommBank app in May.

Cardless Cash

Customers will soon be able to use the CommBank app to allow someone to withdraw cash from an ATM on your behalf with the Cardless Cash feature.

You’ll send an 8 digit “Cash Code” to the recipient (or use it yourself), and CommBank will send a 4 digit PIN code via SMS to provide security for the transaction.

Cardless Cash can help if you need to send cash to family or friends in an emergency, and could also be a good idea to use yourself if you’re concerned about using your card in areas where ATM skimming is on the rise.

Lock & Limit

The final new feature announced today is enhanced controls for CommBank credit card holders that can be activated from within the app, for which you would previously have had to get in touch with CommBank staff to activate or deactivate.

There are four new options being added to card controls in May:

  • International Online Payments can be switched on or off, or on for a particular time period,
  • International In-Store Payments can be switched on or off, or on for a particular time period,
  • Cash advances can be switched on or off, so you can restrict cash withdrawals at ATMs from your credit card in Australia or overseas; and
  • Transaction Limits can be set to a particular dollar value

Lock and Limit[1][2][2]

CommBank staff also pointed out that these controls don’t change anything in terms of liability and fraud protection.

NFC HCE?

I chatted briefly with Lisa Frazier (Executive General Manager, Digital Channels) after the event and told her I was a little disappointed not to hear an update on the implementation of NFC Host Card Emulation, the technology that Cuscal is using to enable tap-and-pay on KitKat devices with NFC later this year.

Lisa confirmed that CommBank has heard the storm of criticism that came with the announcement of their Samsung-only solution for using the NFC hardware in most modern Android phones for mobile payments, and that they are looking at the technology. Given CommBank’s focus on innovative technology solutions, I’m hoping we’ll see native KitKat Tap & Pay sooner rather than later, but in the meantime it’s still good to know that our voices are being heard.

Are you a CommBank personal or business customer? What do you think of these new features? Tell us in the comments!

 

Jason Murray   Deputy Editor

Before discovering the Nexus One, Jason thought he didn't need a smartphone. Now he can't bear to be without his Android phone. Jason hails from Sydney, Melbourne or Brisbane depending on his mood and how detailed a history you'd like. A web developer by day with an interest in consumer gadgets and electronics, he also enjoys reading comics and has a worryingly large collection of Transformers figures. He'd like to think he's a gamer, but his Wii has been in a box since he moved to Sydney, and his PlayStation Vita collection is quite lacking. Most mornings you'll find him tilting at various windmills on Twitter - follow @JM77 and say hi!

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10 Comments on "CommBank announces new features and a new small business app"

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Member
Luke Vesty

I’ll believe NFC HCE it when I see it. Whatever Samsung says seems to go at the moment. Exclusivity deals everywhere. Foxtel Go is still Samsung only despite the fact that October 2013 was meant to see the full Android roll out.

BeauGiles
Valued Guest

$$$ speaks? 😉

PuGZoR
Valued Guest
PuGZoR

Lack of NFC payments on my HTC One M7 makes me rage hard. I want it so bad that I’ve considered switching to Westpac (they support it, right?).

BeauGiles
Valued Guest

Nope. Only bank with ‘native’ NFC payments right now is CBA on the Galaxy S4 (and S5).

Daniel Tyson
Ausdroid Manager

Actually Westpac is rolling out NFC payments to the Galaxy S4 now.

Nikolas
Valued Guest
Nikolas

Hopefully these new features are also enabled onto the Kaching app.

+ 1 on leaving the wallet at home!!

PuGZoR
Valued Guest
PuGZoR

Kaching is the old version of their app, which I think was still available in tandem for a time? If you haven’t already I suggest getting the Commbank app which is actually quite good (other than the no NFC thing). Sorry if I’ve misinterpreted your message.

Rowan
Valued Guest
Rowan

It’s funny…cause they use a Nexus 5 in their latest ads for tap&go

Jason Murray
Valued Guest
Jason Murray

They do, and you can use it with a Nexus 5… As long as you have the sticker on the back.

Andrew
Valued Guest

Good to know that they are working on HCE, shame they didn’t mention dates, or even a time frame. The cardless cash is nice though. Might soon be able to leave the wallet at home 🙂

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