In an Australian banking first, the new feature being piloted in the CommBank app will be available to 250,000 New South Wales residents.
The app uses a customer's transaction data to predict when they may next need to refuel and send them alerts along with cheap fuel recommendations in their area accordingly.
Customers are also able to access a fuel price map where they can browse various fuel prices in the surrounding area.
Rochelle Eldridge, CBA General Manager of Shopping, said the current rising cost of living has many households looking for ways to save and cut back on expenses.
“Australians are increasingly turning to fuel price apps to locate the cheapest petrol and these apps often require consumers to take the initiative to search for cheap fuel when they are looking to fill up,” Ms Eldridge said.
“Fuel finder is different because it’s personalised to each customer and does all the work for them.
“The CommBank app is able to let them know where they can buy the cheapest fuel nearby, at a time when they may next be due to fill up.”
According to a recent study from CommBank with more than 1,000 respondents, more than half (56%) said they would like their bank to offer more ways to save.
“On any given day, prices can fluctuate by up to 40 cents a litre – or $20 a tank – at stations within two kilometres of each other,” Ms Eldridge said.
“That’s a potential saving of $1,000 a year for customers who are filling up weekly.
“CBA has leveraged its AI capability and integrated with the New South Wales Government Fuel API to enable another way for customers to save money.”
On average, two-car households in Australian capital cities are currently spending approximately $5,115 annually on fuel, with the average for residents in regional Australia slightly higher.
Zach Simone, developer of fuel finder app Petty, said CommBank's new feature will provide Australians another option to choose from in the fuel pricing app market.
"It looks like CommBank will be able to provide some unique features by tapping into transaction history," Mr Simone said.
"I'm sure people will find this useful, and anything that helps consumers save money when they fill up is a good thing.
"When a larger player enters the space it validates the need for these types of apps. It may also raise awareness that these categories of apps exist, opening the door for customers who otherwise never would've thought to check an app before filling up."
See Also: Fuel Finder Apps Compared
Advertisement
Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.
| Bank | Savings Account | Base Interest Rate | Max Interest Rate | Total Interest Earned | Introductory Term | Minimum Amount | Maximum Amount | Linked Account Required | Minimum Monthly Deposit | Minimum Opening Deposit | Account Keeping Fee | ATM Access | Joint Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.00% p.a. | 5.35% p.a. Intro rate for 4 months then 5.00% p.a. | $1,036 | 4 months | $0 | $249,999 | $0 | $0 | $0 |
| Promoted | Disclosure | ||||||||
4.70% p.a. | 5.40% p.a. Intro rate for 4 months then 4.70% p.a. | $998 | 4 months | $250,000 | $99,999,999 | $0 | $0 | – |
| Promoted | Disclosure | ||||||||
0.00% p.a. Bonus rate of 5.50% Rate varies on savings amount. | 5.50% p.a. | $1,128 | – | $0 | $99,999 | $0 | $0 | $0 |
| Promoted | Disclosure | ||||||||
1.00% p.a. Bonus rate of 4.20% Rate varies on savings amount. | 5.20% p.a. | $1,065 | – | $0 | $99,999,999 | $1,000 | $0 | $0 |
| ||||||||||
0.55% p.a. Bonus rate of 4.95% Rate varies on savings amount. | 5.50% p.a. | $1,128 | – | $0 | $99,999 | $1,000 | $0 | $0 |
| Disclosure |
Image by engin akyurt via Unsplash
Ready, Set, Buy!
Learn everything you need to know about buying property – from choosing the right property and home loan, to the purchasing process, tips to save money and more!
With bonus Q&A sheet and Crossword!
Jacob Cocciolone
