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Commonwealth Bank

Commonwealth Bank of Australia

Company: Commonwealth Bank of Australia

Brand value: US$15,933 million

Change since 2018: -3%

Headquarter city: Sydney  

Industry: Banks

Year formed: 1911

The largest of Australia’s “Big Four” banks, Commonwealth Bank has around 1,100 branches and employs over 51,000 people. In the past year, the bank has responded to rising demand for cashless payment options, announcing new digital wallet options allowing its Visa cardholders to make contactless payments. It has also made Apple Pay available to its customers, abandoning previous efforts to launch a collective boycott of Apple Pay with other banks. Commonwealth Bank is one of several in the sector considering launching a digital-only bank aimed at young, digital-savvy customers who, following the launch of “neobanks”  in Australia, have increasing choice. The Commonwealth Bank brand has been under fire recently, with the bank described as “putting profits over customers” by a Royal Commission into the financial services industry. New bank CEO Matt Comyn has admitted to there having been a string of failings, and has pledged to "enhance the financial wellbeing of every single customer we serve". The bank is exploring how 5G mobile technology could lead to better customer service.

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