CBA enters new strategic partnership to reward customers

Commonwealth Bank of Australia (CBA) has today announced it will offer discounted NBN and broadband services to its customers via a new strategic partnership with More Telecom and Tangerine, two sister Australian telecommunication service providers.

CBA’s Group Executive for Retail Banking Services, Angus Sullivan said: “We’re looking at how we can help save customers money with their everyday bills and commitments and our decision to partner with More Telecom and Tangerine highlights how we’re continuing to reward our customers.

“As the country’s biggest supporter of getting Aussies into homes, we are reimagining banking for our customers, creating more value for them, putting more money back in their pockets, and helping them save money by exposing them to new ways of doing things and new quality products and services.”

As part of the new partnership with More Telecom and Tangerine, CBA will acquire a 25 per cent ownership stake in both companies.

“The average monthly cost of internet in Australia is one of the most expensive in the world [1] and we are uniquely positioned to help customers manage these costs. We will do this by utilising our technology to provide personalised offers via the CommBank app to those customers we know will benefit from switching broadband providers,” Mr Sullivan said.

Co-Founder of More Telecom and Tangerine, Andrew Branson, said the partnership would allow the business to fast-track its expansion plans and accelerate growth.

“We aggressively entered the nbnTM market in 2013 and have built our customer base to become one of Australia’s largest privately owned telcos. Our plan was always to capture a significant market share in nbnTM and partnering with Australia’s largest bank to distribute our products and services will only help that,” Mr Branson said.

Today’s announcement builds on the recently announced partnerships with Little Birdie and Amber that will enable CBA customers to save when shopping for deals and selecting an energy provider.

Mr Sullivan said the bank would continue to deliver value to its retail customer base through its unique digital footprint.

“Our partnerships with Little Birdie, Amber, and now More Telecom and Tangerine, are core to the way we help our customers find great deals and save them money. These partnerships initially focus on our 11 million retail customers, 7.5 million of whom are digitally active, and underscore the unique and compelling value of banking with the Commonwealth Bank,” Mr Sullivan said.

Mr Sullivan confirmed some broadband services would be integrated into the CommBank app over time.

“The integration of More Telecom and Tangerine into the CommBank app will give our customers greater control over their finances, in future potentially allowing them to view their NBN or broadband plan, usage and upcoming bills in one place. This partnership supports our ambition of providing our customers with one of the best digital experiences of any company globally.”

About More Telecom and Tangerine

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