CBA’s ‘Benefits Finder’ connects clients to $1 billion

The Commonwealth Bank today released new figures showing that Benefits finder has connected private and business customers to $1 billion in grants, rebates and concessions since the digital CBA tool launched in 2019.

Benefits finder is a tool available in the CommBank app and NetBank to help customers find and apply for benefits, discounts and concessions to which they may be entitled.

Commonwealth Bank Chief Data & Analytics Officer, Dr Andrew McMullan said: “Benefits finder is one of a number of tools to help customers offset the rising cost of living. We also offer a wide range of financial tools, support and insights through our Cost of Living Support Hub, including how to find relevant rebates, discounts and benefits.”

More than 2.2 million claims were initiated by private and business customers between January 2019 and December 2022.

The top 5 benefits for private customers (in order of number of claims initiated) were:

• ASIC unclaimed money (more than 295,000 claims started)
• Revenue NSW Unclaimed Money (more than 261,000 claims started)
• COVID-19 Catastrophic and Pandemic Leave Payments (combined across states, initiated more than 231,000 claims)
• Victoria Unclaimed Money Register (more than 175,000 claims started)
• NSW Dine & Discover vouchers (more than 170,000 claims started)

More than 24,000 Australian businesses have initiated 35,000 claims since CBA made Benefits finder available to business customers in 2021.

Between June 2021 and December 2022, the top 5 benefits for business customers (in order of number of claims initiated):

• NSW Covid Business Support Grant (more than 6,300 claims started)
• Skill Finder Business course (more than 4,100 claims started)
• Business Disaster Assist (more than 2,500 claims initiated)
• Youth jobs PaTH (more than 2,400 claims started)
• Wage subsidy (more than 1,800 started claims)
• Benefits finder is a free-to-use tool, with currently more than 360 benefits available – from energy rebates for families, to wage subsidy rebates for businesses. The Commonwealth Bank’s Customer Engagement Engine uses AI to help customers access the most relevant benefits to them. “We’ve used our technological smarts to connect with more than 1.86 million customers who may have been affected by a natural disaster to let them know about the support available at a time that matters,” Dr McMullan said. The State Distribution of the number of claims started from 1 January 2019 to 31 December 2022 includes:
  • NSW (more than 1,000,000)
  • Victoria (more than 569,000)
  • Queensland (more than 340,000)
  • Western Australia (more than 170,000)
  • South Australia (more than 138,000)
  • Australian Capital Territory (more than 43,000)
  • Tasmania (more than 14,000)
  • Northern Territory (more than 2,000)

  Benefits finder was developed as part of the ongoing collaboration between CBA and Harvard University’s STAR (Sustainability, Transparency and Accountability Research) Lab.

  “We are focused on making it as easy as possible to access relevant benefits through the CommBank app and NetBank.

  “As well as providing customers with details of each benefit or discount, including how much they can claim and instructions on how to claim, we regularly update the tool to include the latest benefits available,” Dr McMullan said.

  CBA has more than 8 million digitally active customers.

  “Together, these benefits can add up to a significant amount, helping to pay for daily living and business expenses and save for the things that matter,” Dr McMullan added.