A significant advancement in the Australian banking sector comes as the result of a fortified strategic relationship between Commonwealth Bank and More, a leading telco provider. The banking institution has expanded its existing equity stake in More and its sister telecommunications firm, Tangerine, moving from a 25% to a 30% holding.
CommBank and More have introduced a unique feature to their joint customers in an unrivalled move within Australian banking. Customers can now conveniently link and manage their More nbn and mobile accounts via the CommBank app, paying their bills, keeping tabs on their usage, and managing their accounts. The new addition to the app is available to customers upon updating it.
More remains committed to providing special discounts within its telecommunication services exclusively for CommBank's customers following the extension of their deal.
As More and CommBank pass a two-year marker into their shared investment, the continued alliance highlights their partnership's success, bearing testament to joint innovation, customer satisfaction, and a shared dedication towards offering affordable internet and mobile products.
Reflecting on the alliance's progress, More's CEO, Andrew Branson, stated that the strategic relationship between CommBank and More has proven incredibly successful. "More has become one of the fastest-growing telcos in Australia, with nearly 140,000 joint More and CBA customers," said Branson.
"The exclusive relationship between CommBank and More has not only exceeded expectations but has also demonstrated the synergy of combining banking and telecommunications services to achieve positive customer outcomes."
Armed with the amplified relationship, More has presented nbn offers to CommBank Yello, a new customer recognition initiative by the bank. Eligible CommBank Yello customers are now entitled to discounts on nbn plans directly through the CommBank app.
As part of CommBank Yello services, customers in Homeowner tiers are privileged to 40% off on the RRP of a More nbn plan for a year, following which they enjoy a 10% ongoing discount, on condition of making payments via an eligible CommBank payment method. A measure that represents significant cost savings for customers.
Ben Morgan, CommBank's General Manager of Retail Strategy, articulated that the agreement represents a renewed commitment towards delivering dependable and economical mobile and nbn solutions for Australian households. "It's another way we're saying thanks to our customers and offering them ways to save. Being able to view and interact with your telco plan via your banking app is an Australian-banking first," he remarked.
In addition to extending commitment, More launched eSIM, supplementing its successful mobile offerings. More's mobile plans offer unlimited standard calls & SMS within Australia, feature a databank, and no lock-in contract. More has also secured the 28th spot in the AFR's Fast 100 List 2023 as the fastest-growing company in Australia.
CEO Andrew Branson added that More is redefining connectivity in Australia by intersecting the future of banking with the future of telecommunications. "We're not just meeting the needs of today; we are redefining connectivity in Australia where the future of banking meets the future of telecommunications," Branson explained.