New tech to help you 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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Written by Leon Della Bosca

Leon Della Bosca has worked in publishing and media in one form or another for around 25 years. He's a voracious reader, word spinner and art, writing, design, painting, drawing, travel and photography enthusiast. You'll often find him roaming through galleries or exploring the streets of his beloved Melbourne and surrounding suburbs, sketchpad or notebook in hand, smiling.
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