If you’ve cancelled a misplaced credit card only to have it turn up from between the sofa cracks, you’re not alone.
In fact, that makes you one of seven million people in Australia who cancel credit cards that are recoverable, or simply turn up somewhere in the house.
So, instead of the hassle of cancelling a card, wouldn’t it be nice to have a temporary credit card lock feature for that much needed security while you search for it?
This is the latest bit of customer-based thinking that has led CommBank to design a new service. CommBank, known for its innovative and yet simple solution to common banking problems has looked at this data and created something so simple, every other bank will be left wondering why it didn’t think of it first.
Lost credit cards a bigger problem than you think
According to CommBank, 61 per cent of all credit cards reported lost or stolen in Australia turn out to be simply misplaced.
And what’s hardly surprising is that majority (84 per cent) of credit card holders say cancelling and replacing lost, stolen or misplaced credit cards can be a frustrating process. Australians are apparently wasting 4.6 million hours a year updating the details of cancelled credit cards, such as direct debits and other regular payments.
So, where are we most careless?
It seems like if you’ve lost your card, you may want to rummage through your home or office first.
According to the research, the most common places Australians have misplaced their credit cards are at home or work (61 per cent), in shops or malls (49 per cent) and in bars or restaurants (37 per cent). Other common places Australians have misplaced their credit cards include:when travelling for business or on holiday (32 per cent); on a night out (26 per cent); on public transport (26 per cent); or at a party (21 per cent).
So, knowing all of this, CommBank thought like a customer because the answer to the problem wasn’t in the service it currently offered.
Lost it? Just lock it
The new feature allows CommBank credit card customers to lock a misplaced credit card while they look for it using the CommBank app or NetBank and unlock it again when they find it. Additionally, if a card is permanently lost it can also be cancelled and reordered via the CommBank app or NetBank.
CommBank’s new temporary lock feature will provide extra convenience and security for its credit card customers.
Angus Sullivan, Executive General Manager Cards, Payments, Analytics Retail Strategy said, “We’ve all been there before – the moment of frustration as we realise our credit card is missing. Instead of cancelling a card, only to find it again, our customers can use their mobile, tablet or laptop to put a temporary lock on it while they look for it.”
It’s a simple innovation that solves a real, known and obvious problem.