Friday, 23 July 2021 11:21

CommBank takes stake in NBN RSPs to offer customers broadband plans Featured

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CommBank takes stake in NBN RSPs to offer customers broadband plans Pixabay

The Commonwealth Bank of Australia has taken a 25% stake in two retail service providers that resell NBN services and says it will offer discounted plans to its customers through these two companies.

The bank announced the deal on Thursday, saying it had signed up with More Telecom and Tangerine.

In a statement, Angus Sullivan, group executive for Retail Banking Services, said: "We’re looking at how we can help save customers money with their everyday bills and commitments and our decision to partner with More Telecom and Tangerine highlights how we’re continuing to reward our customers.

“As the country’s biggest supporter of getting Aussies into homes, we are reimagining banking for our customers, creating more value for them, putting more money back in their pockets, and helping them save money by exposing them to new ways of doing things and new quality products and services.”

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Sullivan said broadband plans in Australia were among the most expensive in the world, citing data from discount deal site Picodi.

"...we are uniquely positioned to help customers manage these costs," he added. "We will do this by utilising our technology to provide personalised offers via the CommBank app to those customers we know will benefit from switching broadband providers.”

The bank said the deals with the two RSPs came in the wake of its recent partnerships with Little Birdie and Amber to offer savings on deals and energy to its customers.

More Telecom and Tangerine co-founder Andrew Branson said the partnership would help fast-track the RSPs expansion plans and accelerate growth.

“We aggressively entered the NBN market in 2013 and have built our customer base to become one of Australia’s largest privately owned telcos," he said.

"Our plan was always to capture a significant market share in NBN and partnering with Australia’s largest bank to distribute our products and services will only help that.”


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Sam Varghese

Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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