By
Commonwealth Bank's Benefits finder tool has helped customers save over $481m over the past year from utility bills and additional government payments.
The tool, which was released in September 2019 as a feature of the CBA's mobile application, enables customers to access over 270 government rebates and benefits.
Since its release, the tool was able to process over a million claims, 695,000 of which were registered during the COVID-19 pandemic. In regional terms, New South Wales reported the highest number of claims at roughly 400,000, followed by Victoria (290,000), and Queensland (200,000).
During the pandemic, CBA customers can access benefits including the Pandemic Leave Disaster Payment, Dine & Discover NSW, COVID Land Tax Relief and SME government guaranteed loans.
The most popular types of claims accessed by customers include unclaimed money on a federal and state level, unclaimed super, power saver bonus, Jobseeker-related payments, family tax benefits, rent assistance, and family energy rebates.
Fredrik Lindström, chief digital officer at CBA, said the technology was an answer to the needs of the bank's 7.5 million active customers for experiences that add tangible value.
"Connecting digital services is a key focus for us and it is not surprising to see so many customers taking-up Benefits finder as a free, easy-to-use feature – especially at a time when many are doing it tough," he said.
CBA extended Benefits finder to business customers in May 2020 with government and bank-led benefits to help them amid the pandemic. In the coming months, the bank is expected to add business benefits to help time-poor business owners access the support they could be eligible for.
Over the next five years, the bank is also planning to invest more than $5bn in technology as part of its plans to improve its systems and services.
"We want to be known as the best in digital. Not only the best digital bank, but the best in digital compared to anyone else. It’s something the bank is putting a lot of focus on.”
