CBA continues IT upgrades through smart phone channel
(14 March 2010 – Australia) The Commonwealth Bank of Australia has said that smart phones are transforming the way its customers bank, with a rapidly rising number of customers accessing their accounts and making payments.
Business Day reported that fourteen percent of log-ins to the group’s internet banking operations, NetBank, are now undertaken on mobiles such as the iPhone and the number is growing almost on a daily basis.
CommBank recently launched a iPhone property guide app to help boost its retail banking home loan business.
The bank reported in an investor update on the progress of its A$1.1 billion four year IT modernisation project, that its new property guide had exceeded its initial expectations and that as a result further apps and mobile capabilities were being developed for launch.
Despite the technological advancements the bank has made, it still is encountering technical woes on occasion including an ATM failure earlier this month in which its cash machines were accidentally placed in "stand-by mode".
This allowed customers to take out more money than their account limits and led to a warning from both the police and the bank that anyone who deliberately accessed extra cash or didn’t return what didn’t belong to them would be prosecuted for theft.
The bank insisted this morning that the incident had nothing to do with the major revamp of its IT systems and has to date refused to disclose how much money was taken out or hasn’t been returned.
The bank said today it was on target to complete its IT makeover by the middle of next year.
CommBank recently launched a iPhone property guide app to help boost its retail banking home loan business.
The bank reported in an investor update on the progress of its A$1.1 billion four year IT modernisation project, that its new property guide had exceeded its initial expectations and that as a result further apps and mobile capabilities were being developed for launch.
Despite the technological advancements the bank has made, it still is encountering technical woes on occasion including an ATM failure earlier this month in which its cash machines were accidentally placed in "stand-by mode".
This allowed customers to take out more money than their account limits and led to a warning from both the police and the bank that anyone who deliberately accessed extra cash or didn’t return what didn’t belong to them would be prosecuted for theft.
The bank insisted this morning that the incident had nothing to do with the major revamp of its IT systems and has to date refused to disclose how much money was taken out or hasn’t been returned.
The bank said today it was on target to complete its IT makeover by the middle of next year.
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