Monday, July 15, 2024

CBA reimagines business banking

Commonwealth Bank of Australia (CBA) recently announced new products, services and features for business customers, aimed at meeting more of their banking needs.

Among the new additions are an expansion of CommBank Yello rewards program, flexible withdrawal term deposits and an omnichannel solution for pharmacies.

“As Australia’s leading business bank, we are committed to developing innovative products that do more for our customers, meet more of their needs, and provide that single, holistic experience to eliminate confusion and complexity from their banking,” said CBA’s Group Executive Business Banking Mike Vacy-Lyle.

CommBank Yello for Business

Eligible small and medium businesses will soon be able to receive special offers, discounts and other provider benefits with the expansion of CommBank Yello. Launched in 2023, CommBank Yello is one of Australia’s largest customer recognition programs, providing around $400m of value to CommBank retail customers each year.

The expansion to CBA business bank customers will allow eligible businesses to receive discounted provider offers and valuable benefits. Benefits may include offers and discounts on business-related purchases such as travel, technology hardware, business software, telecommunications and workwear.

“CommBank Yello for business is designed to reward and recognise our customers for banking with CBA,” said Mr Vacy-Lyle. “We have seen a great response from retail customers who have utilised these personal offers, so it’s exciting to be able to soon welcome business customers to the program.”

CommBank Yello will be progressively rolled out to business customers in the coming months.

Flexible withdrawal term deposit

Said to be a first for term deposits in Australia, the new Flexi Business Investment Account gives businesses the ability to withdraw up to 20 per cent of their term deposit at any time without interest adjustment or fees, earning competitive interest on the full balance of the account – including the flexible balance.

Mr Vacy Lyle said the proposition was an innovative product providing businesses with competitive rates and flexibility.

“Many businesses hold cash for lump sum payments for specific periods of time, such as covering tax payments at the end of financial year, or to have aside to manage unexpected costs,” he said.

“We know businesses want to maximise interest on the cash they may be holding but at the same time they want the peace of mind to make withdrawals when needed, and the new Flexi Business Investment Account allows them to do just that. It means business owners can earn competitive interest on funds without the typical restrictions on withdrawals.”

The minimum balance required on the account is just $5,000, with three-, six-, nine- or twelve-month terms available. If a business does withdraw the 20 per cent before the end of the term, the remaining 80 per cent will continue to earn interest during the fixed term.

Smart Health for Pharmacies

CBA is also launching CommBank Smart Health for Pharmacies, an innovative omni-channel solution developed in collaboration with Scrypt Ventures, to transform the payments experience for patients and pharmacy providers.

Smart Health for Pharmacies will launch in the first quarter of FY25, following an 18-month pilot by 22 pharmacies across Australia.

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