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Commonwealth Bank of Australia says that technology investment is a major factor in its impressive 14% rise in H1 profits.
Ian Narev, group CEO, CommBank, says: “This result again demonstrates the benefits of our long term strategic priorities – people, technology, strength and productivity.”
Investment spending on areas such as tech during the six months was A$589 million and Narev says that the money pumped into customer-facing innovations is beginning to pay off.
Since launching at the end of last year, the new CommBank mobile app has attracted more than a million registered users, while a streamlined online account opening processes has slashed times by 80%.
Meanwhile, Narev is focussing on revamping the bank’s branch network for an increasingly digital age, rolling out smaller, tech-packed ‘express’ stores and introducing video-conferencing across the network.
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