Over 5.3 million people currently use the app around the world which has made it the number one banking app in Australia and Asia-Pacific.
The app which was launched in 2011 has more than 6.5 million logins per day with features that include goal trackers, regular payment lists, cash flow view and payment alerts.
Speaking at the Trans-Tasman Business Circle lunch CBA chief executive Matt Comyn said the new app would offer a completely personalised experience.
“When you log into the app it will be personalised… and it will show on the home screen the most relevant thing for you,” he said.
The experience will include reminders about credit card payments, month-on-month spending comparisons, benefit entitlements and more.
“These improvements are going to help customers make better financial decisions.”
Currently the bank sends over 500,000 messages to customers to help them avoid overdrawn fees, which can now be done in the app.
“We’re helping our customers avoid overdrawn fees which is saving them $60 million dollars per annum,” Mr Comyn said.
CBA’s chief digital officer Pete Steel said the bank had the unique ability to use technology and innovation to support good habits.
“We’re using a combination of cutting edge machine learning technology, data analytics and behavioural science to develop smart banking features to create a highly personalised digital banking experience.
“This year, the app will send over 3 billion personalised messages to customers by using 157 billion data points and 200 advanced machine learning models.”
Eliot Hastie is a journalist on the wealth titles at Momentum Media.
Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.
Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).