Australia-based CBA (Commonwealth Bank) has launched a money saving feature in its CommBank app that utilises behavioural science.

This feature, Goal Tracker, aims to help customers meet their money saving goals within the CommBank app. Customers can create specific, personalised goals and set a timeframe for that.

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Furthermore, the money saving app will send proactive messaging to encourage saving. Also, if a customer misses a goal, the app can readjust and offer a new timeframe or weekly repayment amount to offer encouragement.

Commonwealth Bank general manager digital banking, Kate Crous, said the tool was developed based on the insights from the Bank’s behavioural economics team.

“We know the main barriers to saving are related to a lack of self-control, not having a formal plan in place or people simply forgetting to put money in savings,” she said.

“We’ve created Goal Tracker to help customers create better financial habits. The tool combines the latest in digital banking innovation as well as behavioural science to help customers improve their financial wellbeing.”

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CBA stated that one in four Australians currently do not enjoy life due to the way they manage their finances. Goal Tracker is hoping to be a service that can change that.

In addition, CBA has a number of money saving feature in its app.

Crous said: “Our credit card repayment alerts have helped more than two million customers save on late payment fees. We found customers engage much more with an app alert as opposed to a text message, and this has provided opportunities in terms of how we can help them with their finances.”

Since the tool was created, more than 250,000 savings goals were created. Of goals created, 27% were for a holiday, 19% towards property and 15% for a significant purchase.

The CommBank app also allows customers to automatically move money into their savings account once they get paid. This has been adopted by 44% of Goal Tracker users.

“By moving money to a savings account automatically, CBA customers are more likely to meet their savings goal and less likely to forget to contribute,” Ms Crous said.