CommBank's crypto product has been placed under the regulators' microscope

ASIC is taking a close look at CBA's app allowing users to trade cryptocurrencies.

What's the key learning?

CommBank's app reflects a broader trend of banks wanting to keep up with tech platforms.
This app feature would have been an Aussie first.

👉 Background: Back in November, Commbank announced it was going to allow its 6.5 million app users to trade cryptocurrencies. This was a big deal and Australian first.

👉 What happened: Now, CBA's pilot program is being slowed down, thanks to attention from ASIC. Turns out there are legal issues with the product disclosure statement, target market and consumer protection.

👉 What else: Commbank would have been the first Australian bank to launch a crypto feature in its plan to be more 'tech' and less 'bank'.

🔔 What's the key learning?

💡 Banks in Australia (and around the world) are trying to shift from pure-play bank to become tech platforms (to keep up with Block and Paypal).

💡 Commbank reckons offering crypto trading will help win over the young Aussies - a market that's super important to the big yellow diamond.

💡 Volatile crypto prices are also more likely to bring customers back to app more frequently, helping Commbank cross-sell services and become a one-stop financial shop.

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CommBank's crypto product has been placed under the regulators' microscope

What's the key learning?

🔔 What's the key learning?

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