CBA needs to continue innovating its digital offerings for both consumer and business banking, as the threat of neobanks continues to grow
Commonwealth Bank of Australia reported upticks in its consumer and business banking units, but its growth could be threatened by neobanks.released earnings for its fiscal H1 2020 (ended December 31, 2019), giving updates on both its consumer and business banking units. The results were strong in both segments, though they also highlighted areas in which the bank might be vulnerable to the rise of neobanks. Business Insider Intelligence Nearly 36% of Australians are using CBA as their primary financial institution (FI). CBA counts 24.9% of the home loan market and 26.8% of the deposit market in the country. And CEO Matt Comyn noted that the bank has seen a notable uptick in younger consumers using it as their primary FI, which he attributed to its investment in digital. CBA issued $19 billion in new business lending in its fiscal H1 2020 — and it is building out this unit. Comyn described the firm's value proposition and customer promise as making "business banking easier" and announced CBA will launch a fee-free business transaction account. This could be a play by CBA to compete with National Australia Bank (NAB) — also part of the Big Four, and the country's Read more: Business Insider
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