The Commonwealth Bank of Australia (CBA) has launched a website that collects everyday transactional data from consumers.

The aim of the site, called Signals, is to give consumers an insight into spending and lifestyle trends around Australia.

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The site sorts consumer spending into demographics to help users compare their day-to-day spending, mortgage and personal loan payments.

The bank is using the collected data to better understand consumer spending habits on luxury and necessary items.

CBA aims to publish a new set of data, focusing on certain area of the economy in the form of survey results, videos and infographics. The first focuses on childcare and its associated costs.

NAB’s UBank launched PeopleLikeU in November, a site that looks at similar financial trends and allows visitors to compare their spending with that of their fellow Aussies.

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Andy Lark, CBA chief marketing & online officer, said: "CommBank has always had a deep passion about improving the financial knowledge of all Australians. The reality is, the more information you have, the more inclined you will be to make better informed financial decisions. Signals, a visual and interactive site providing customers with spending patterns across a broad range of topics delivers on that promise."

Processing over 40% of the nation’s transactions each day, CBA claims to have the ability to access and analyse more financial data than any other bank.

 

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