A banking app that encourages you to save

The new Commonwealth Bank of Australia’s retail banking app will allow alerts to be sent to debit card holders if they spend too much on potentially damaging products like alcohol and gaming, as the bank encourages saving. While you can turn the spending tracker off, trials showed 97 per cent of customers want to use it. CBA aims to show the customer the consequences of spending choices then encourage them to make better savings decisions. The model is the local bank manager of days past who knows your name and gives a few suggestions about what you should do. CBA is creating that sort of connection in the digital age.

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