Australia, according to new research from Commonwealth Bank, is a nation on the hunt for a bargain.
Marking the launch of Commonwealth Bank’s app-based feature for eligible customers (CommBank Rewards), the research finds that 94 per cent of Australians surveyed used shopping hacks to reduce spending.
Australians surveyed are “most intent” on saving money on everyday expenses, with food and fuel topping the list: groceries (65 per cent), fuel (55 per cent) and takeaway food (29 per cent).
With 17 million Australians (89 per cent) already belonging to a loyalty program, CBA says 31 per cent are “deterred” by restrictions on where and when they can use their points.
In response, CommBank Rewards will see eligible customers receive cash-back when they spend using their CBA credit or debit Mastercard at brands, including Coles, Caltex, Myer, JB Hi-Fi and Menulog – to reward customers for their spending on everyday purchases.
“We’re excited to launch CommBank Rewards for our customers…,” CBA Executive General Manager of Everyday Banking Kate Crous said.
“Accessed through our number one banking app and leveraging the Customer Engagement Engine (CEE) – combining advanced analytics, AI and machine learning – CommBank Rewards is designed to give customers relevant and personalised offers for what they regularly spend their money on. It also has a simple redemption process – it’s as easy as activate, spend money and receive cash-back.
“The majority of Australians subscribe to some kind of loyalty program, which shows consumers are on the lookout for deals year-round. With the launch of the CommBank Rewards, it’s a way to say thank you to our customers by giving them something tangible back for banking with the Commonwealth Bank in a way that benefits them financially.”