CBA’s total group investment spend on creating best-in-class digital experiences grew 26 percent to $1.8 billion in the last financial year. The

CBA's investment in digital soars

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2021-08-11 02:30:05

CBA’s total group investment spend on creating best-in-class digital experiences grew 26 percent to $1.8 billion in the last financial year.

The bank said the investments in digital spanned productivity and growth, infrastructure and branches, and in productivity and growth.

It was digital investments for productivity and growth that accounted for the increase, which went from $1.43 billion in FY20 to $1.8 billion in FY21.

CBA’s FY21 results, released today, are dominated by the bank’s digital works as well as its “reimagining” of products and services.

The bank called out a wide spectrum of digital platforms and capabilities it has bought, invested in or brought online to date.

It also flagged some pending launches, including a Square-like tap-and-pay reader device and a direct-to-consumer “next generation home lending app”, both of which are due before the end of 2021.

Staff costs increased four percent in the year, in part “due to continued investment in digital capabilities, innovation and risk and compliance activities.”