CBA trial demonstrates the use of digital nudges to improve the financial wellbeing

Research CBA from CommBank demonstrates how the application of well-timed and targeted ‘digital nudges’ can significantly improve customer financial outcomes.

As part of this study, CBA customers – who are still making a credit card profit – were encouraged to consider the best use of their annual taxes.

Along with a thought-provoking message with a credit card, some information was provided to CBA consumers about the benefits of reducing their debt, including saving interest or avoiding newly issued loans.

Buyers who use a credit card payments up to $ 540 a month after tax refund.

According to the head of the Commonwealth Bank data and analysis, Dr. Andrew McMullan: “Cultural science tells us that we see our income, such as our annual taxes, as opposed to our average income. We usually deliberately put this money into the ‘free fund’ category which means that we choose to spend this money regardless of the cost of the benefits.

“Our economic team recognizes the importance of providing consumers with accurate information about transactions when making financial decisions, and has recently led us to introduce something new in the CommBank app.”

The new section notifies customers – in real-time – when their return tax has reached their account and sends a four-way message.

“By using our data center and science data modes, as well as the power of the Customer Engagement Engine which uses 157 billion records in customer service daily, we can provide expert driving advice,” customers think about their usage strategies. tax records to work on their financial plans, once the money is earned they pay for the savings, ”McMullan said.

The newcomer to the CommBank app was the first of its kind last year, with more than a million customers sending digital notices urging them to consider keeping some of their tax returns or, if not more convenient, to pay a credit card.

He said: “The court has shown that if a credit card were to be issued to all eligible customers, it could result in a credit card of more than four million” per year. McMullan said. in a specific and timely manner that can help them achieve their goals and progress towards achieving their goals. ”

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