Commonwealth Bank of Australia - Digital Transformation Strategies

Commonwealth Bank of Australia - Digital Transformation Strategies

Summary

Commonwealth Bank of Australia (CBA) is a provider of banking and financial services in Australia. Its key business units include retail banking, business and private banking, institutional banking and markets, international financial services, New Zealand (comprises the funds management and banking businesses in New Zealand), international financial services, and wealth management. The retail banking arm offers services and products such as insurance, home loans, savings accounts and term deposits, credit cards, etc. The business and private banking arm offers overdrafts and lines of credit, business accounts, electronic funds transfer at point of sale (EFTPOS machines), e-commerce solutions, etc. The institutional banking arm offers risk management products and services, transaction banking services, capital raising solutions, etc. The international financial services arm includes retail and business banking operations in Indonesia as well as minority investments in Vietnam and China. The wealth management arm provides superannuation, mortgage broking services, solutions, etc. CBA operates primarily in Australia and New Zealand and has a presence in the UK, the US, Japan, Singapore, Malta, Hong Kong (China), Indonesia, China, Vietnam, and the Netherlands.

This report provides insight into CBA's fintech activities, including its digital transformation strategies, its innovation programs, its technology initiatives, its estimated ICT budget, and its major ICT contracts.

Scope

• CBA built an innovative customer relationship management (CRM) tool called the Customer Engagement Engine to facilitate personalized, meaningful, and relevant conversations with each individual customer at bank branches, on mobile devices, online, and on the telephone.
• CBA partnered with Quantium, a major Australian data science company, to develop data science-driven products that will help businesses offer better services to customers.
• CBA partnered with Microsoft, KPMG High Growth Ventures (a division of KPMG aimed at supporting Australia’s startup ecosystem), Square Peg and Zetta (two venture capital funds), and Startmate (an Australian startup accelerator) to launch x15ventures, a venture-scaler.
• CBA has extended its technology expertise to Adelaide’s central business district in Australia by establishing a technology hub inside the new Entrepreneur and Innovation Centre at Lot Fourteen. To encourage creativity, teamwork, research, training, and skill development in technology and associated industries, the Lot Fourteen area brings together government, business, and education.

• Gain insights into CBA’s fintech operations.
• Gain insights into its fintech strategies and innovation initiatives.
• Gain insights into its technology themes under focus.
• Gain insights into its various product launches, partnerships, and investment strategies.