They include an expanded rewards program, a flexible term deposit account, and a payment feature for pharmacies
The Commonwealth Bank of Australia (CBA) announced new products, services, and features for business customers, aiming to address their banking needs comprehensively.
“As Australia’s leading business bank, we are committed to developing innovative products that do more for our customers, meet more of their needs, and provide that single, holistic experience to eliminate confusion and complexity from their banking,” said Mike Vacy-Lyle (pictured above), CBA’s group executive for business banking.
CommBank Yello for business launched
The bank said eligible small and medium businesses will soon benefit from the expansion of CommBank Yello, one of Australia’s largest customer recognition programs. Launched in 2023, CommBank Yello provides around $400 million of value to CommBank retail customers annually.
The program’s expansion to business bank customers will offer discounted provider offers and other benefits, including discounts on business-related purchases such as travel, technology hardware, business software, telecommunications, and workwear.
“CommBank Yello for business is designed to reward and recognise our customers for banking with CBA,” Vacy-Lyle said. “We have seen a great response from retail customers who have utilised these personal offers, so it’s exciting to be able to soon welcome business customers to the program.”
CommBank Yello will be progressively rolled out to business customers in the coming months.
Bank offers Australia’s first flexible withdrawal term deposit
The new Flexi Business Investment Account allows businesses to withdraw up to 20% of their term deposit at any time without interest adjustment or fees. Vacy-Lyle described the new product as an innovative offering providing businesses with competitive rates and flexibility.
“Many businesses hold cash for lump sum payments for specific periods of time, such as covering tax payments at the end of financial year, or to have aside to manage unexpected costs,” he said.
“We know businesses want to maximise interest on the cash they may be holding, but at the same time, they want the peace of mind to make withdrawals when needed, and the new Flexi Business Investment Account allows them to do just that. It means business owners can earn competitive interest on funds without the typical restrictions on withdrawals.”
The account requires a minimum balance of $5,000, with terms of three, six, nine, or 12 months available. If a business withdraws the 20% before the term ends, the remaining 80% will continue to earn interest during the fixed term.
Smart Health for Pharmacies to be rolled out
CBA is also launching CommBank Smart Health for Pharmacies, an omni-channel tool developed with Scrypt Ventures to transform the payments experience for patients and pharmacy providers. It enables pharmacies to facilitate in-store and remote payments, such as telephone orders, integrated with the pharmacy’s point of sale (POS) software.
“CommBank Health was established to identify unique opportunities to leverage our technology and work with industry leading vendors to build solutions for Australia’s healthcare industry,” Vacy-Lyle said. “We want to ensure the healthcare sector is supported by innovative payments solutions and today’s announcement is part of our continued efforts to deliver Australia’s best-in-class digital experience for the healthcare sector and its consumers.
“Smart Health for Pharmacies makes it easier for patients to access prescriptions and goods when they need to, in a way that is quick and convenient. It also makes the process of remote payments safer, more efficient and streamlined, giving pharmacists more time back in their day to spend with patients.”
Smart Health for Pharmacies will launch in the first quarter of 2025, following an 18-month pilot by 22 pharmacies across Australia.
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