👉 Background: CommBank is Australia's biggest bank, with nearly 17 million customers and a lazy $10 billion in profit over the last 12 months.

👉 What happened: Now, CommBank is going up against global payment giants like PayPal, Square and Stripe with a new payment platform called PowerBoard. It's an interface for businesses to manage payment collection. That could be payments from cards, digital wallets, or even buy now, pay later.

👉 What else: The problem was that when payments go through other terminals, CommBank got no visibility of what the purchase was or where the purchase was made. And they don't like this at all. So now, CommBank is trying to claw back its market share and customer insights.

What's the key learning?

💡The power of transaction data cannot be underestimated in the financial services industry. Zip, Afterpay, Square, Stripe had obstructed CBA's view of the nature of products being sold, and this hurts their ability to customise customer experiences.

💡 But when these providers are connected to PowerBoard, CBA will get full visibility of the transaction data.

💡By capturing more data, CommBank will be able to better assess credit risks of customers, drive deposit growth, and build more customised relationships with customers. Now, it just needs to think of a better name!

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