CommBank’s new technology to help travellers save on fees

CommBank is targeting travellers with new technology to help them save on fees.

CommBank’s new technology to help travellers save on fees

CommBank is targeting travellers with new technology that helps them avoid foreign exchange fees, extra charges and provides prompts for better travel decisions.

The new tech alerts which ‘nudge’ customers in international departure lounges at Australian airports. It uses geo-location technology similar to a Telstra feature that warns of extra roaming charges when customers connect with a base station inside the international terminal.

The feature alerts customer smartphones or devices when they are using a credit card and tells them when another payment option may help them avoid extra charges.

It’s not all philanthropic either – one of the most suggested payment options would probably be the CBA travel card.

Customers who use the app to inform the bank of any overseas travel plans will also receive ‘nudges’ prior to departure dates to make sure their travel insurance is up-to-date, as well as other travel tips.

CommBank also offers travel insurance.

According to the Productivity Commission, around 10 million Australians travel overseas each year and pay a combined $2 billion in conversion fees annually.

CommBank says that since being rolled out, these nudges have prompted 2 million customers to make better financial decisions that have saved them money ,but CommBank is unable to quantify how much money it has saved its customers.

Read more at www.afr.com

Do you use the new CBA app? What do you think of it?

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    COMMENTS

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    Karl Marx
    27th Apr 2019
    9:13am
    I always get a better exchange rate by using my visa card for hotels etc & exchange my AU$ at a bank in the country you are in for local cash. I always carry a few thousand AU$ on me when I travel.
    Australian banks gouge money from customers with their lousy exchange rates so I always avoid them. My visa credit card gives me a better rate but I never use it for cash out.


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