By its nature, CommBank is...a very traditional lender. Ya know, they specialise in loans...savings accounts...credit cards...the usual stuff.
Background: By its nature, CommBank is...a very traditional lender. Ya know, they specialise in loans...savings accounts...credit cards...the usual stuff.
What happened: Recently, CommBank have been making moves to try and engage younger users in their banking app. They introduced not one, but two buy now, pay later services (Klarna and StepPay).
What else: It's a good start, but they're not stopping there. And after axing Dollarmites, CBA need to find a new way to engage with Gen Z. So now, they've revealed they'll let customers hold and use Bitcoin and other cryptocurrencies via its app.
💡When it comes to banking services of the future, engagement is the Holy Grail. That means people logging into the app, spending time in the app and getting value out of the app.
💡Why is engagement so important? Because once customers are in the app, CBA (or any other bank for that matter) can cross-sell other banking products. So, more visits = more engagement = more cross-selling. Kaching.
💡Crypto is a good hook, because it tends to be really volatile (aka, prices are always fluctuating). That means customers might be more inclined to check the app more (aka be more engaged with the app).
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