CBA will let customers view other banks’ accounts within its app, and has made a strategic investment in the energy start-up, Amber.

The $20 million investment in Amber shows how banks are thinking about ways to get closer to customers by providing them with data beyond banking services.
Amber was founded in 2017 and CBA will join Square Peg Capital and Main Sequence Ventures on the register. The technology allows customers to save on energy bills by using power when cheaper and greener renewables are available in the grid. It does this by providing access to the wholesale electricity market for consumers traditionally serviced by energy retailers, who typically mark up prices with high premiums and margins, which Amber avoids to keep prices relatively low.
CBA said the Amber partnership will be integrated into its home buying proccess, with Amber providing direct access to wholesale prices and bringing additional discounts for CBA customers…
We are integrating new services into our platform to customise and personalise the digital experience in ways that will increase engagement and bring greater value to our customers, Mr Comyn said.
Mr Comyn said the pilot using the consumer data right will soon be available to allow all CBA customers to see their account balances from other eligible financial institutions directly in the CommBank app.
CBA is the only major bank to be accredited to receive data under the regime. Mr Comyn said it will continue to invest behind the consumer data right to bring benefits to our customers. ANZ is exploring using data, when it gets accredited, in partnership with Frollo, the first fintech to be accredited.
CBA also used an ASX release to promote its $30 million in AI powered online shopping optimiser Little Birdie, which points to CBAs intention to more aggressively in the loyalty space.
CBA is believed to have had a close look at ASX-listed Cashrewards, which ultimately attracted an investment from ANZ Bank. Both investments showing how banks are seeking to more closely ingrain themselves in e-commerce and schemes with retailers.
Little Birdie is a shopping community to find the best offers on products and provide price drop notifications and notices of sale events. Klarna, the Swedish buy now, pay later in which CBA has invested more than $US300 million, provides similar functionality in its app.
CBA announced the launch of the consumer data right pilot and investments in an ASX statement a few hours ahead of its investor day presentations to analysts and media in the middle of the day on Thursday.
Under the pilot program, registered users of the banks mobile app will be able to view account balances from other financial institutions.
This has been a feature of open banking in the UK,where platforms like ING-owned Yolt has provided aggregation services. By becoming the central hub for a customers using multiple institutions, an incumbent could seek to encourage customers to consolidate products with them.
Commonwealth Bank is both an an accredited data holder and accredited data recipient under the consumer data right, which means it can both share and receive customer bank data under the scheme.
It is the only major bank accredited as a data recipient under the regime, which is giving it a head-start in creation the cross-industry aggregation services.
Earlier this month, CBA launched a joint venture with data company Quantium that will see the data science company work with CBA exclusively after several years of partnering with anonymised credit card data from NAB. Quantium is 75 per cent owned by Woolworths.
The new initiatives have arrived the day after shares in the bank hit the $100 mark for the first time ever, before weakening over the session to close the day at $99.58 a share. On Thursday morning, they powered above $100 and were trading at $100.07, up 48¢ at 11:00am AEST.