Comyn said CBA was a party to one side of 40 per cent of the payments across the entire country and it had built a powerful position of incumbency over its history partly because of its extensive branch network.
But as more and more customers do their banking online,with CBA seeing 6 to 10 million logins a day,Comyn said further growth in digital-only loans was “inevitable,” as the bank launched a digital-only home loan for lower-risk loans of up to $3 million.
Digital mortgages are a niche part of the market today,but Comyn predicted a major expansion in digital home lending among home buyers with relatively simple financial needs.
“I think over time that that is going to increase at a much faster rate. There’s a number of different enablers for that,in terms of just customer preference,confidence. As well as some of the technology ... which makes the processes much easier and simpler,” Comyn said.
The digital mortgages will initially be targeted at owner-occupiers or investors seeking to refinance up to 80 per cent of a property’s value,who are paying principal and interest,and do not want an offset account.
CBA on Tuesday also moved to promote online share investing to its vast customer base,by integrating its CommSec Pocket app for investing in exchange traded funds into its main banking app. It also announced a new money app targeted at children,replacing the scrapped Dollarmites program.
After CBA unveiled aplanned foray into providing cryptocurrency trading last year,Comyn said CBA wanted to restart its crypto pilot program with customers,but it was working through various issues with regulators.