Yahoo Finance 140,000 Australians grabbed a share of $10 billion with this app
A Commonwealth Bank app has allowed 140,000 Australians to get a slice of a $10 billion cake.
In September, the bank launched a tool called Benefits Finder within the CommBank mobile app. The feature matches customers to potential state and federal government benefits they could be missing out on.
Two months on, Yahoo Finance has learned more than 140,000 Australians have received at least one payment through the feature. And more than 220,000 claims have been started.
Commonwealth Bank estimates Australians are missing out on more than $10 billion in government benefits that they're entitled to.
"This includes green slip refunds, energy rebates, toll relief, carer allowances, help with kids' activities and many more," stated the bank.
Commonwealth digital executive general manager Pete Steel told Yahoo Finance that, while it's early days, he's pleased with how much customers are using Benefits Finder.
"The engagement and usage of Benefits finder far exceeds where we had hoped to be at this point," he said.
"Since reaching national coverage we’ve seen an average of over 10,000 claims started each week through the experience."
The feature has been facilitated through customer engagement technology the bank has developed with Harvard Sustainability Transparency Accountability and Research (STAR) Lab.
The same technology, according to iTnews, prompted the bank to prompt 600,000 credit card holders to spend their unused loyalty points.
Commonwealth Bank is on track to achieve its original target of putting $150 million of government money into its customers' wallets this year.
Steel said even those customers who had already used Benefits Finder should check back regularly.
"We know that the benefits available will continuously update and reflect each individual’s life changes."
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