CBA Broadens Its Digital Strategy
The bank is hoping its fresh plan will bring them closer to the customer.
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The Commonwealth Bank of Australia (CBA) will be the first big four bank to allow customers to view account information from rival banks within its app – adding functionality to its digital offering.
“We aim to be the most trusted partner at the centre of our customers’ financial lives by saving them money, giving them more control over their finances, and by making banking simpler and easier,” said CBA CEO Matt Comyn.
The move increases the bank’s usage of the ‘consumer data right’.
Further, the bank aims to increase its use of data and disruptive tech-focused business to improve its digital offering to the customer.
“We are integrating new services into our platform to customise and personalise the digital experience in ways that will increase engagement and bring greater value to our customers,” added Mr Comyn.
The statement is made evident through CBA’s 25% shareholding in Amber, a new energy retailer providing direct access to wholesale energy prices for a monthly subscription of $15.
Consumer data right will soon be extended from banking to energy and Amber will provide CBA with relevant consumer behaviour when buying energy.
“Purchasing a home is a time when customers look for ways to save money, and electricity is a large expense in a household budget. Our partnership with Amber will help to differentiate our home buying proposition …”
Also announced today is a 23% shareholding in Little Birdie, an online shopping start-up designed to help customers find deals online.
“Deals and offers, integrated with CBA’s goal savings products, will help customers save for a special purchase in a completely different way.”
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Starbucks is making another major leadership change just one week after new CEO Brian Niccol started his job.
Michael Conway, the 58-year-old coffee chain’s head of North America, will be retiring at the end of November, according to a Monday filing with the Securities and Exchange Commission.
The decision came only six months after Conway took on the job. His position won’t be filled. Instead, the company plans to seek candidates for a new role in charge of Starbucks’ global branding.
The chief brand officer role will have responsibilities across product, marketing, digital, customer insights, creative and store concepts.
“Recognizing the unmatched capabilities of the Starbucks team and seeing the energy and enthusiasm for Brian’s early vision, I could not think of a better time to begin my transition towards retirement,” wrote Conway in a statement.
Conway has been at Starbucks for more than a decade, and was promoted to his current job—a newly created role—back in March, as part of the company’s structural leadership change under former CEO Laxman Narasimhan.
The coffee giant has been struggling with weaker sales in recent quarters, as it faces not only macroeconomic headwinds, but also operational, branding, and product development challenges.
Narasimhan was taking many moves to turn around the business, but faced increasing pressure from the board, shareholders, and activist investors.
One month ago, Starbucks ousted Narasimhan and appointed Brian Niccol, the former CEO at Chipotle, as its top executive. The stock has since jumped 20% in a show of faith for Niccol, who started at Starbucks last week.
When he was at Chipotle, Niccol made a few executive hires that were key to the company’s turnaround.
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