Commonwealth Bank’s retail boss Angus Sullivan cites Apple and Google’s holistic approach to business when looking at the shift coming to the financial industry.
CBA has recently signed partnerships with telco companies More Telecom and Tangerine, which will see it provide discounted NBN and broadband as part of its overall offering.
“It is customers‘ evolving expectations that a great bank will help me do more with my money, they’ll give me ideas about how to save it, they’ll give me offers with the companies that I shop with,” Mr Sullivan said.
“Inevitably the traditional definition of industry boundaries blur over time, and we’ve seen that whether it’s with Apple or Google … it’s probably a more structural trend than it is something about organisations wanting to focus outside of their core.
“Consumers are interacting with their providers differently and I can absolutely see that convenience for many customers for having their money, their banking and their energy and their NBN in one place, seamlessly orchestrating the movement of money between them.”
Sullivan notes that, as consumer’s tighten controls of who accesses their data, it “gives more opportunity for someone like the bank to be able to support a customer,” explaining that “a mobile phone plan would be an obvious next extension.”
