Mobile banking is Kaching for CBA as app handled over AU$9 billion

Mobile banking is Kaching for CBA as app handled over AU$9 billion

Summary: As the Commonwealth Bank of Australia posts AU$7.8 billion in annual profit, mobile and contactless payments continue to grow.

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The Commonwealth Bank of Australia (CBA) today delivered its annual results, and, looking past the headline number of AU$7.8 billion in profit, the bank is seeing growth across its mobile banking initiatives.

Its Kaching app/iPhone case/Facebook application has seen more than 1 million downloads across the Android and iOS platforms on which it is offered, and has handled over AU$9 billion in transactions.

In November 2012, it was announced that Kaching had been downloaded more than 700,000 times, and had processed over AU$3 billion in transactions for that year.

Mobile banking has increased over the past year, with its ASB bank in New Zealand seeing its number of mobile users increase by 250 percent, and having mobile account for over 50 percent of its online account access.

The bank's CommBiz Mobile app recorded 36,000 logins, and has seen over 2,000 activations for business banking customers since its launch in March this year.

Earlier this month, the bank launched a new crowdsourced support forum after refreshing its website in June.

In May, CBA CEO Ian Narev said that he saw a competitive threat from global tech giants, as well as the other big three banks in Australia.

"We worry every day about all those competitors, but we worry equally about the niche players, many of them well resourced, many of them international," Narev said at the time.

"The Apples, the Googles, the Samsungs, the PayPals, the credit card companies, who can pick particular slivers as a result of the application of technology into financial services and compete. We need to be prepared for that."

Topics: Mobility, Android, Banking, iOS, New Zealand, Australia

About

Chris started his journalistic adventure in 2006 as the Editor of Builder AU after originally joining CBS as a programmer. After a Canadian sojourn, he returned in 2011 as the Editor of TechRepublic Australia, and is now the Australian Editor of ZDNet.

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  • Do Young People Know Where "Kaching" Came From?

    It must be a decade or two since I've seen a cash register that made that noise.
    ldo17