Commonwealth Bank of Australia (CBA) has unveiled a new bill prediction feature named “Bill Sense” in the CommBank app.
Bill Sense predicts future bills, which can help customers to prepare a budget accordingly and manage their finances.
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The new digital feature allows customers to see how much money they need to cover for future bills up to 12 months in advance.
It enables them to stay ahead of their finances and bill payments, which are debited through their account or credit card.
Bill Sense keeps all bills in one place, in addition to predicting upcoming bills.
The feature provides a payment estimate on the future bills, which is based on the previous payments made from their account or card.
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By GlobalDataAccording to a CBA-commissioned research report, over 70% of millennials struggle to manage their finances, because they become anxious.
CBA head of behavioral economics William Mailer said that one-third of Australians in this age group make purchases too impulsively.
Mailer said: “Managing today’s finances, while also preparing for tomorrow is difficult for anyone. It is no surprise that our recent survey showed that so many young Australians are facing some level of financial anxiety with these decisions.
“Smart digital services which make a trade-off between today and tomorrow clearer can help us to keep control today, and stay on track towards our goals.”
The report also surveyed millennials for the financial and budgeting tools they use.
One-third of the respondents said they do not use such tools. Of those millennials utilising the tools, 40% said they use these tools every fortnight or less.
Besides, 70% of the millennials said having financial control makes them feel accomplished.
This includes 55% of them citing paying bills on time and 30% citing what the upcoming bills are.
Earlier this year, CBA partnered with Square Peg and Zetta Venture Partners to offer new digital banking services to its 15 million customers.
