The Commonwealth Bank has bought stakes in an online shopping group and power retailer as it tries to keep pace with innovative online rivals.
The nation’s biggest bank has invested $50 million in shopping site Little Birdie and power provider Amber, gaining stakes of 23 per cent and 25 per cent respectively.
The Commonwealth will make these services available via its online banking platforms.
Boss Matt Comyn said the bank wanted to provide more services and stay at the forefront of innovation.
Afterpay is one example of an online-only rival which has linked with Westpac to expand the services available to users.
The Commonwealth has also allowed a test group of customers the ability to see details of other bank accounts in the CommBank app.
This has been prompted by government efforts to give consumers more ability to compare products under the Consumer Data Right.
Shares were higher by 0.23 per cent to $99.80 at 1354 AEST.