Commonwealth Bank of Australia

02/11/2019 | Press release | Distributed by Public on 02/11/2019 02:25

CBA delivers a boost for small business

As part of our commitment to listen to our customers, put their needs first and become a simpler, better bank, Commonwealth Bank is delivering changes each and every week with better banking experiences our customers want and deserve.

Audio grabs - Adam Bennett, CBA Group Executive, Business and Private Banking

We've been listening to our customers to understand and deliver what is really important to them. This started with the recent launch of Apple Pay and continues today with a series of changes that will directly benefit small business including same day decisions on simple business lending, removing business banking fees, better support for businesses facing financial hardship and increasing the availability of small business specialists.

Matt Comyn, Chief Executive Officer, said: "We are accelerating our work towards becoming a better bank by making changes each and every week to the way we do business and what we offer our customers. We are committed toturning our words into action and to be better for you, delivering real benefits and improving processes to ensure we remain focused on what our customers want.

"Small businesses are the engine room of the Australian economy - when they thrive, we all thrive. So I'm delighted to announce a series of changes today to support our small business customers. We're committing to support business lending even more, rolling out same day decisions on simple business lending, removing more business banking fees, providing financial assistance when it counts and increasing the capacity and capability of our Australian-based business contact centres.

"While we're making good progress, there is still more work to do. We are determined to restore respect and trust amongst our customers and communities. Our customers can expect us to continue listening, making changes and providing the best possible experiences, no matter how they bank with us."

Our commitment to small business includes:

  • Supporting business lending: Last year, we lent $580 million every week to businesses across Australia. This year, we're committed to supporting business even more.
  • Same day lending decisions: We're rolling out same day decisions on simple business lending so you get decisions as fast as you need them.*
  • Business Financial Assistance Team: We've established a new team of specialists who'll help businesses get back on track if they experience financial difficulty with solutions such as reviewing repayments.
  • Agricultural loans: We're supporting farmers affected by drought or other natural disasters by removing default interest charges from business term loans.
  • Removing more business banking fees: We're progressively removing the banking fees our customers find frustrating. Over the last 12 months, we've removed ten business banking fees to simplify business banking.
  • Business specialists: We will deepen the capabilities of our 24/7 Australian-based Business Banking Contact Centres and increase the availability of specialists for our customers to talk to.

For information on changes CBA is making, please visit CommBank.com.au/betterforyou.

*Same day decisioning capability will be available in March for unsecured business loans up to $250,000 to eligible existing customers.