CBA has continued its rapid digital transformation to enhance the customer experience across the banking business. The launch of CommBank Yello was recently announced, a program that rewards customers with personalised benefits and offers. So what’s it all about?
When is it launching?
Progressively rolled out later this year, but no official date provided.
¿Quién puede optar?
Customers with a retail banking account – of which there are over 6 million.
Commbank Yello benefits will be tailored based on the customer’s:
- CBA financial products
- CBA tenure
And whether they are:
- A Homeowner
- An Investor
- Or Everyday banker
The level of recognition is said to be based on how many products a customer uses and how long they have used them for.
What are the benefits?
For launch:
- $120 annual cashback on home insurance
- Exclusive shopping offers
- Discounts on home-related purchases
- Reports on property trends in the customer’s local area
- Chance to win prizes – such as a $1,200 each month to go towards the home
CBA have stated that the range of Commbank Yello benefits will evolve over time, and will include discounts and cashback, among other services and tools.
The Commbank Yello design
The design is simple and, if the personalisation engine is robust, effective. What we know won’t be included are tiers or statuses. Instead, CBA have opted to recognise all customers no matter the spend.
The personalisation CBA are striving for is a response to the way many neobanks are attracting customers – by making the customer feel special.
There are some other banking programs around the world attempting to personalise the experience. An example of this is HSBC, who use credit card transaction data and AI algorithms to recommend rewards customers will like.
If Commbank Yello is successful, CBA will take another leap ahead of the other big 4 banks in Australia. Australia’s second largest company by market cap continues to lead the charge.
Only time will tell whether the program will be as long-lasting and iconic as Coldplay’s version of Yello.
