Who are Commonwealth Bank of Australia's competitors, and what are the alternatives?
Commonwealth Bank of Australia calls itself Australia's largest bank, serving more than 18 million customers, with 34% of Australians and 26% of businesses naming it as their main financial institution. Its competitors are the other three big banks, Westpac, NAB and ANZ, and a fast-growing fifth lender, Macquarie. In mortgages ABC reports CBA has the largest share, followed by Westpac, NAB and ANZ, while the Australian Financial Review says Macquarie now holds almost 7% of home lending as the fifth-largest mortgage lender and is also gaining deposit share on the majors. CBA is the only big-four lender that originates most of its home loans itself, in a market where brokers write almost 80% of new loans. In business lending NAB remains the largest bank: the AFR put NAB's share at 21.69% against CBA's 18.9% in June 2025. CBA's 2026 annual report says digital banks, non-bank providers and global technology companies are expanding across banking, lending and payments, and it expects competition to increase from non-Australian providers. Three non-banks stand out on the record: Revolut, which APRA licensed as an authorised deposit-taking institution in July 2026; Apple, whose digital-wallet dominance CBA has asked the Reserve Bank to address; and OpenAI and other technology giants, which CBA expects to compete as banking moves to AI personal assistants.[1][2][3][4][5][6][7][8][9]
Data as of Oct 20, 2026 · Commonwealth Bank profile updated Oct 13, 2026 · computed tables recalculate from the 140 bank profiles on this site · Markdown
What does Commonwealth Bank say about its competition?
CBA's 2026 Annual Report (August 12, 2026), operating environment, "Increased competitive intensity": "Digital banks, non-bank providers and global technology companies continue to expand their presence across banking, lending and payments, increasing competition and customer choice. As new business models and providers emerge, consistent application of regulation across the financial system remains important to support customer confidence, competition and system resilience." Its stated response: "We continue to focus on deepening customer relationships, being a trusted brand and providing leading digital capabilities, while investing in innovation and products and services that meet customers' evolving needs and help deliver better customer outcomes." The report adds: "Competition remains elevated as technological innovation, changing customer expectations and a broader range of providers continue to influence the financial services landscape."[1]
Among its emerging risks, under "Competition: Global technology competitors and unregulated markets", the report says: "Competition is expected to increase, especially from non-Australian financial services providers who continue to expand in Australia. Digital banks, non-bank entrants or smaller providers who may be unregulated or subject to lower social, prudential and regulatory standards than the Bank, can operate more with lower cost bases. This allows greater flexibility for these competitors to effectively target specific customer segments, which could adversely impact the Bank's market share and financial performance." Its listed responses include "Exploring strategic partnerships to strengthen capabilities" and engagement "with the Reserve Bank of Australia on Payments System Modernisation reforms."[1]
On its own position the report says: "We are Australia's largest bank serving more than 18 million customers", "Leading bank in Australia with 34% of Australians and 26% of businesses naming CBA as their main financial institution", and "Our long-standing commitment to building deep and trusted customer relationships has helped us become Australia's leading transaction bank for retail and business customers." On margins it reports "lower deposit and home lending margins, mainly due to competition and deposit mix shift to higher yielding savings deposits" and, in business lending, "a decrease in lending margins due to increased competition and higher funding costs".[1]
Who competes with Commonwealth Bank in each of its businesses?
| Business line | Competitor | Type | Why it competes |
|---|---|---|---|
| Home lending | Westpac | Bank | ABC reported in September 2026 that CBA has the largest share of the mortgage market, followed by Westpac, NAB and ANZ; the AFR says Westpac is among the majors scrambling as Macquarie gains share.[2][3] |
| Home lending | National Australia Bank | Bank | NAB is the third-largest mortgage lender on ABC's ranking; Reuters reported that NAB, ANZ and Westpac plan to hire more bankers to lift proprietary home lending, which NAB's CEO says is 20% to 30% better returning than broker loans.[2][5] |
| Home lending | ANZ | Bank | ANZ followed CBA's mid-2026 variable-rate cuts immediately, ABC reported, and is one of the big four Reuters says want to reduce reliance on brokers, who write almost 80% of new home loans.[2][5] |
| Home lending | Macquarie Bank | Bank | The AFR says Macquarie lifted its mortgage share by almost 1 percentage point in 2025 and now commands almost 7% of home lending as the fifth-largest lender; CBA's CEO claimed it had an unfair regulatory edge, which Macquarie denied.[10][3] |
| Business banking | National Australia Bank (business) | Bank | NAB held 21.69% of business lending in June 2025 against CBA's 18.9%, per APRA data reported by the AFR, and posted its highest-ever month of business lending as it fended off what the AFR called an aggressive push by CBA.[6][11] |
| Business banking | Macquarie (business deposits) | Bank | Prudential data reported by the AFR in March 2026 showed Macquarie gaining share on the four major banks not only in home loans but also in deposits, which underpin lending.[4] |
| Everyday banking and deposits | Revolut | Fintech | APRA granted Revolut Payments Australia a licence to operate as an authorised deposit-taking institution on July 21, 2026, the kind of non-Australian digital entrant CBA's annual report expects to increase competition.[7][1] |
| Everyday banking and deposits | Macquarie Bank (deposits) | Bank | Prudential data reported by the AFR in March 2026 showed Macquarie gaining share on the four majors in deposits as well as home loans; its CEO answered CBA's complaint about an unfair regulatory edge by calling Australia's rules the strongest of any country it operates in.[4] |
| Everyday banking and deposits | OpenAI | Big tech | The AFR reported in May 2026 that CBA expects intense competition from OpenAI and other technology giants as banking moves to AI personal assistants, and launched its own agentic assistant, Companion, in response; OpenAI is also a CBA partner.[9][12] |
| Payments and digital wallets | Apple | Big tech | CBA told a parliamentary committee that the Reserve Bank should use new powers to address Apple's growing dominance in digital wallets and force it to open its iPhone payments system on more attractive terms to banking apps (January 2026).[8] |
| Payments and digital wallets | Wise | Fintech | Wise's Form 20-F says its primary competitors are traditional banks; CBA's annual report names non-bank providers expanding into payments among the competitive pressures it faces.[13][1] |
How do the AI and digital offerings of Commonwealth Bank's competitors compare?
Commonwealth Bank first, then each competitor. Use-case counts, index scores and latest moves are computed from our profiles of each company; "No profile" means this site has no page on it yet.
| Company | AI or digital offering | On the record (our profiles) | Latest dated AI move |
|---|---|---|---|
| Commonwealth Bank of Australia (this page) | AI Factory, Customer Engagement Engine and CommBank Companion[1][14][15][16][17] | Index 88.2 (#7); 20 use cases, 16 in production | AGM: Comyn calls for AI regulation to keep pace (Oct 14, 2026)[18][19] |
| Westpac | An intelligence layer fed by 285 data sources and an 'agentic data ecosystem' (August 2026)[20] | No profile | Not disclosed |
| National Australia Bank | 'Customer brain' drawing on 3,500 AI models, suggesting over 400 next-best actions[21] | No profile | Not disclosed |
| ANZ | Salesforce Agentforce on its CRM for bankers, which ANZ calls the first at-scale deployment in Asia-Pacific (February 2026)[22] | No profile | Not disclosed |
| Macquarie Bank | Customer-facing 'Q' AI agent in its app; close to 80% of 5,000 staff use Gemini Enterprise daily[23][24] | No profile | Not disclosed |
| National Australia Bank (business) | Not disclosed | No profile | Not disclosed |
| Macquarie (business deposits) | Not disclosed | No profile | Not disclosed |
| Revolut | AIR (AI by Revolut)[25][26][27] | 7 use cases, 5 in production | OCC grants conditional approval for a US national bank charter (Sep 3, 2026)[28][29] |
| Macquarie Bank (deposits) | 'Q', an in-house customer AI agent in the Macquarie app and online banking (January 2026)[23] | No profile | Not disclosed |
| OpenAI | Not disclosed | No profile | Not disclosed |
| Apple | Not disclosed | No profile | Not disclosed |
| Wise | Machine-learning algorithms complete 99% of compliance checks in less than one second[13] | 7 use cases, 7 in production | Study: AI chatbots recommend Wise over traditional banks (Sep 24, 2026)[30] |
Who should look beyond Commonwealth Bank, and where?
| If you are | Look at | Why |
|---|---|---|
| Borrowers who mainly use a mortgage broker | Macquarie Bank | Brokers write almost 80% of new Australian home loans, and CBA is the only big-four lender that originates most of its loans itself. The AFR reports Macquarie has grown to almost 7% of home lending as the fifth-largest mortgage lender, gaining share on the majors.[5][3] |
| Businesses that want the largest business lender | National Australia Bank | APRA data reported by the AFR put NAB's share of business lending at 21.69% in June 2025, ahead of CBA's 18.9%, although CBA had gained 0.53 percentage points over the year.[6] |
| Customers who want an app-first account from a global fintech | Revolut | Revolut became a licensed authorised deposit-taking institution in Australia in July 2026. CBA says it is responding to digital banks by deepening customer relationships and providing leading digital capabilities.[7][1] |
| Savers who want a fast-growing digital bank outside the big four | Macquarie Bank | The AFR reported in March 2026 that Macquarie was gaining share on the four major banks in deposits as well as home loans. Macquarie runs a customer AI agent, Q, in its banking app; CBA's own assistant, Companion, had reached one third of its customers by August 2026.[4][23][31] |
| Individuals and small businesses that mainly need cross-border transfers | Wise | Wise sells cross-border accounts directly and says traditional banks are its primary competitors; a September 2026 study reported by American Banker found AI chatbots recommended Wise to small-business owners more often than traditional banks.[13][30] |
Where does CBA stand against Westpac, NAB, ANZ and Macquarie?
Figures as CBA reported them or as the press reported prudential data. Each row is a single measure.
| Market | CBA | Nearest rival | Basis |
|---|---|---|---|
| Main financial institution | 34% of Australians and 26% of businesses | Not disclosed for rivals in these sources | CBA 2026 annual report[1] |
| Home lending | Largest share among the big four; the only major originating most loans directly | Westpac second; Macquarie almost 7% and fifth-largest | ABC, September 2026; AFR, February 2026; Reuters, November 2025[2][3][5] |
| Business lending | 18.9% (June 2025) | NAB 21.69% | APRA data via the AFR, August 2025[6] |
| Retail customer advocacy | #1 position in retail NPS at +12 | Not disclosed for rivals in these sources | CBA 2026 annual report[1] |
| AI maturity | Fourth of 50 banks worldwide; first in Asia-Pacific | No other Australian bank in Evident's top 10 | Evident AI Index, October 2026[32] |
How do the AI programmes of CBA's Australian competitors compare?
Only CBA has a full profile on this site; the rows for its rivals rest on single trade-press reports and are not a ranking.
| Bank | AI on the record | Scale as reported | As of |
|---|---|---|---|
| Commonwealth Bank of Australia | Customer Engagement Engine, CommBank Companion, agentic fraud rules | Over 2,000 real-time models; about A$200 million of measured gross AI benefits in FY26 | June-August 2026[1][31] |
| National Australia Bank | 'Customer brain' for decisioning and next-best actions | 3,500 AI models; adoption across 90% of divisions; over 400 next-best actions | March 20, 2026[21] |
| Westpac | Intelligence layer and an 'agentic data ecosystem' | 285 data sources feeding the intelligence layer, up from 251 | August 17, 2026[20] |
| ANZ | Salesforce Agentforce on a new CRM for bankers | Account summaries expected to save bankers about one working month a year | February 5, 2026[22] |
| Macquarie Bank | Gemini Enterprise for staff; 'Q' customer AI agent | Close to 80% of 5,000 staff daily; 130,000 hours saved in seven months | January-April 2026[24][23] |
Why does CBA treat Apple and OpenAI as competitors?
CBA treats digital wallets as a competitive front. In January 2026 it told a parliamentary committee that the Reserve Bank should use amendments to the Payment Systems (Regulation) Act to push Apple to open its mobile payments system on more attractive terms to other digital wallets, including banking apps.[8]
In May 2026 the AFR reported that CBA expects intense competition from OpenAI and other technology giants as banking moves toward AI personal assistants, and that it launched CommBank Companion, its own agentic assistant, in response; by August one third of customers had been given access. CBA is at the same time an OpenAI partner and an Anthropic shareholder, so its two most important AI suppliers could also become rivals for the customer relationship.[9][16][31][1]
Who are Commonwealth Bank's biggest competitors?
The other three major Australian banks, Westpac, NAB and ANZ, and Macquarie, which has become the fifth-largest mortgage lender with almost 7% of home lending. CBA's annual report adds digital banks, non-bank providers and global technology companies expanding across banking, lending and payments.[2][3][1]
Is CBA the biggest bank in Australia?
Yes. CBA calls itself Australia's largest bank, serving more than 18 million customers, with A$1,452,456 million of total assets at June 30, 2026. ABC reports it has the largest share of the mortgage market, and 34% of Australians name it as their main financial institution.[1][2]
Is Macquarie a competitor of CommBank?
Yes, and the rivalry is public. The AFR reports Macquarie gained almost 1 percentage point of mortgage share in 2025 and now holds almost 7%. CBA's CEO said Macquarie enjoyed an unfair regulatory advantage; Macquarie's CEO answered that Australia's rules are the strongest of any country it operates in.[10][3][4]
What are alternatives to CBA for business banking?
NAB is the largest business lender, with 21.69% of business lending in June 2025 against CBA's 18.9%, per APRA data reported by the AFR. CBA says one in four Australian businesses name it as their main financial institution.[6][1]
Is Revolut a competitor of CommBank?
Increasingly. APRA granted Revolut a licence as an authorised deposit-taking institution in July 2026. CBA's 2026 annual report says competition is expected to increase from non-Australian providers expanding in Australia and from digital banks with lower cost bases.[7][1]
Does Apple compete with Commonwealth Bank?
In payments, CBA treats it as a rival: in January 2026 it urged the Reserve Bank to use new powers against Apple's growing dominance in digital wallets and to force more attractive terms for banking apps. CBA's annual report lists global technology competitors among its emerging risks.[8][1]
Which Australian bank uses AI the most, CBA or NAB?
The record cannot rank them directly. CBA reports over 2,000 real-time models in its Customer Engagement Engine and about A$200 million of measured gross AI benefits in FY26, and Evident ranks it fourth globally. NAB told an industry event in March 2026 that its 'customer brain' draws on 3,500 AI models and suggests over 400 next-best actions.[1][31][32][21]
Does Macquarie have an AI assistant like CommBank's Companion?
Yes. Macquarie Bank launched 'Q', an in-house AI agent in its mobile and online banking, in January 2026, and says close to 80% of its 5,000 staff use Gemini Enterprise daily. CBA had given one third of its customers access to CommBank Companion by August 2026.[23][24][16][31]
Does OpenAI compete with Commonwealth Bank?
CBA says it might. The AFR reported in May 2026 that CBA expects intense competition from OpenAI and other technology giants as banking moves to AI personal assistants, and launched its own agentic assistant, CommBank Companion. OpenAI is also a CBA partner: their multi-year partnership was announced on August 13, 2025.[9][16][12]
Who competes with CBA in payments?
CBA's annual report names global technology companies and non-bank providers expanding into payments. On the record, Apple is the one it has challenged directly, urging the Reserve Bank in January 2026 to address Apple's digital-wallet dominance; Wise, which sells cross-border transfers, says traditional banks are its primary competitors.[1][8][13]
CBA vs Westpac for home loans?
ABC reported in September 2026 that CBA holds the largest share of the Australian mortgage market, with Westpac second, followed by NAB and ANZ. Reuters reported that CBA is the only big-four lender that originates most of its home loans directly rather than through brokers.[2][5]
- 2026 Annual Report
- Mortgage war heats up as banks compete for customers by lowering variable rates
- Macquarie rebuts CBA Matt Comyn's claims of unfair edge in mortgage war
- Macquarie's Shemara Wikramanayake tells CBA's Matt Comyn to 'bring it on' amid intense mortgage war
- Australia's Big Four banks move to bypass mortgage brokers as profits squeezed
- Business banking gains have Commonwealth Bank (CBA ASX) investors awaiting a bumper dividend
- APRA grants ADI licence to Revolut
- Commonwealth Bank (CBA) pushes for Apple digital wallet NFC technology for Australian companies
- CBA hopes its AI agents can fend off a competitive threat from OpenAI
- Macquarie and CBA outperform Westpac, NAB and ANZ in Australian mortgage market
- NAB's new business bank boss Andrew Auerbach fends off CBA attack
- CommBank and OpenAI embark on Australia-first strategic partnership to advance AI solutions
- Wise Group plc Annual Report on Form 20-F for the fiscal year ended March 31, 2026
- CommBank and AWS expand collaboration to deliver global best cloud and AI capabilities, enabling idea to production in six weeks
- Commonwealth Bank of Australia builds AI fluency at scale
- Reimagining banking with CommBank Companion
- CBA 2026 Full Year Results Transcript
- 2026 Commonwealth Bank AGM: CEO's address
- 2026 Commonwealth Bank AGM: Chair's address
- Westpac at work on a new agentic ecosystem
- NAB readies to scale AI-based customer interaction
- ANZ deploys Agentforce to supercharge new CRM system
- Macquarie Bank unveils customer-facing 'Q' AI agent
- Macquarie Bank saves 130,000 hours in seven months of Gemini Enterprise use
- Revolut enters new era of money intelligence with launch of AI assistant
- Revolut Announces Launch of Dedicated AI Research Division: Revolut Research
- Revolut Rolls Out AI Assistant for Daily Financial Tasks
- Revolut Receives Conditional Approval from U.S. Office of the Comptroller of the Currency to Form a National Bank
- Revolut wins US charter with limits on four products
- Why AI models favor fintechs over traditional banks
- CBA 2026 Full Year Results Presentation
- Commonwealth Bank recognised as Asia-Pacific's leading AI bank
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