Commonwealth Bank reaches mobile banking milestone

More than 100,000 Aussies have made use of Commonwealth Bank's mobile banking service, it has been revealed.

Thousands of people are managing their Australian banking affairs online, new research shows.

Since launching its NetBank mobile phone application six months ago, Commonwealth Bank - which includes the Commonwealth Gold credit card and Commonwealth Awards credit card in its portfolio of financial products - reveals some 100,000 customers use the service on a regular basis to keep on top of their monetary affairs.

Michael Cant, executive general manager of retail products for Commonwealth Bank, claims that the popularity of its mobile banking product "speaks volumes for its usability and accessibility - more than 180,000 customers have used the service, with 100,000 logging on on a regular basis".

The service allows users to check their transaction accounts and pay bills through the use of their mobile phone, while iPhone users can locate the nearest Commonwealth Bank ATM or branch via the product's GPS function.

Figures released by the financial services firm earlier this year revealed that around three-quarters of 18 to 24-year-olds claim to have reduced their spending as a direct result of the ongoing financial crisis.

Written by Mark Hornby