Media statement - Tangerine announces strategic partnership with CBA
Australian Telco providers Tangerine today announced a new strategic partnership with the Commonwealth Bank of Australia (CBA) which sees the bank investing and taking a minority shareholding in the company.
As their exclusive partner in telecommunications, the investment will unlock special customer benefits on Tangerine's nbnTM for every CBA retail customer in the country. These products will be integrated with the Commbank app over time, allowing customers to access these benefits as well as the ability to self-serve.
Over time, CBA customers will be able to order nbnTM, check their usage and balances, and relocate their service when moving home.
Co-Founder of Tangerine, Andrew Branson, said the new partnership would allow the business to fast-track its expansion plans and accelerate growth.
"We aggresively entered the nbnTM market in 2013 and have built our customer base to become one of Australia's largest privately owned telcos," said Branson.
"Our plan was always to capture a significant market share in nbnTM and partnering with Australia's largest bank to distribute our products and services will only help that.
"Consumers don't often consider changing their nbnTM provider, but through this partnership with Commonwealth Bank we can also schedule special offers and broadband activations in line with a customer purchasing a new home or updating their home or business address" he said.
Commenting on the new partnership, CBA's Group Executive for Retail Banking Services, Angus Sullivan, said that CBA are uniquely positioned to help their customers manage this essential cost.
"We're looking at how we can help save customers money with their everyday bills and commitments our decision to partner Tangerine highlights how we're continuing to reward our customers. As the country's biggest supporter of getting Aussies into homes, we are reimagining banking for our customers, creating more value for them, putting more money back in their pockets, and helping them save money by exposing them to new ways of doing things and new quality products and services.
"The integration of Tangerine into the CommBank app will give our customers greater control over their finances, in future potentially allowing them to view their nbnTM or broadband plan, usage and upcoming bills in one place. This partnership supports our ambition of providing our customers with one of the best digital experiences of any company globally."
On the back of this announcement, Tangerine sees a unique opportunity to scale up their current mobile product offering, and are looking to secure a wholesale agreement that includes the supply of 5G services.
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