Commonwealth Bank of Australia (CBA) will offer discounted NBN and broadband services to its customers by partnering with two Aussies telecommunications companies.
CBA said it has acquired a 25 per cent stake in both More Telecom and Tangerine, which are sister telecoms service providers.
CBA’s Group Executive for Retail Banking Services, Angus Sullivan said the bank is focused on bringing down the high cost of internet services.
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“We’re looking at how we can help save customers money with their everyday bills and commitments and our decision to partner with More Telecom and Tangerine highlights how we’re continuing to reward our customers,” Sullivan said.
“As the country’s biggest supporter of getting Aussies into homes, we are reimagining banking for our customers, creating more value for them, putting more money back in their pockets, and helping them save money by exposing them to new ways of doing things and new quality products and services.”
The average monthly cost of internet in Australia is one of the most expensive in the world, Sullivan said.
“We are uniquely positioned to help customers manage these costs. We will do this by utilising our technology to provide personalised offers via the CommBank app to those customers we know will benefit from switching broadband providers,” Sullivan said.
CBA’s Millennial push
This comes as the major bank looks to secure the Millennials and Zoomer market by focussing on offering more than just banking services.
This new deal comes after the bank also announced partnerships withLittle Birdie and Amber which provides customers deals for shopping and selecting an electricity provider.
“These partnerships initially focus on our 11 million retail customers, 7.5 million of whom are digitally active, and underscore the unique and compelling value of banking with the Commonwealth Bank,” Sullivan said.
The new broadband services will be integrated into the CommBank app over time and customers will potentially be able to view their internet services and upcoming bills in the app.
“This partnership supports our ambition of providing our customers with one of the best digital experiences of any company globally,” Sullivan said.
CBA also recently launched a zero interest credit card Neo and launched Benefit finder (Bf) to help customers access benefits and rebates offered by the government.