Commonwealth Bank is trialling an artificial intelligence-based chatbot that could replace its call centre staff as the company focuses on expanding AI-driven customer service. Called Hey Commbank, the Chat-GPT style system is being tested on employees who are also customers, the Australian Financial Review reports. The initiative forms part of its broader AI strategy in … Read more
The Australian Competition and Consumer Commission (ACCC) has provided interim authorisation for a $50 million bailout of transporter Armaguard from the country’s biggest banks and retailers. The ACCC approved the bailout on Wednesday. The agreement, funded by the Commonwealth, Westpac, NAB and ANZ banks, along with Coles, Woolworths, Wesfarmers and Australia Post, means Armaguard will … Read more
A Queensland small business has accused its bank of making it “actively difficult” to deal in cash, after facing an “unacceptable” situation where coin deposit machines were down at multiple branches. But the Commonwealth Bank (CBA) has rejected suggestions it’s phasing out deposit machines, saying “cash is and will remain an important part of Australia’s … Read more
The regional banking crisis is having unexpected consequences, with a Coles in Western Australia now having to pause cash-out in its store due to excessive demand. The Coles in Kununurra has experienced an increase in demand for in-store cash-out services following the closure of some bank branches in town. Coles says this is a temporary … Read more
Australia’s biggest bank made $5.02 billion in cash profit after tax in the six months to December 31, down 3 per cent from the same period a year ago. Commonwealth Bank was less profitable in the first half of the financial year as operating expenses increased while income stayed flat. “Our lower cash profit reflects … Read more
Three more Commonwealth Bank branches across Australia are set to close next month. The branches in well-populated areas of Coogee in NSW, Coolangatta in Queensland, and Adelaide’s Rundle Mall in South Australia, will be shuttered by March 1, according to the bank. Commonwealth Bank called the permanent closures a “difficult decision” based on progressive declines … Read more
Cash is no longer available over the counter at a number of Commonwealth Bank locations across the country, where new Specialist Centres are now focussed on “more complex banking needs”. Customers can withdraw or deposit cash at on-site ATMs instead. WATCH THE VIDEO ABOVE: Commonwealth Bank makes major change to over-the-counter cash withdrawals. The Specialist … Read more
Commonwealth Bank is cutting almost 200 jobs across three Australian capital cities, blaming a downturn in retail banking, a union representing workers said. The Financial Sector Union said, following talks with Commonwealth Bank Australia, 192 jobs would be cut from Sydney, Melbourne and Perth in sectors including consumer finance, everyday banking, home buying operations and … Read more
Australians may have noticed a slight change in policy when visiting their local Commonwealth Bank branch. This year, the bank changed its policy to only allow CommBank customers to exchange cash at their branches. A CBA spokesperson said the change came into effect as of June 2023, to ensure branch teams “are able to focus … Read more
