CBA gets Wiise with co-developed business management platform
The Commonwealth Bank of Australia (CBA) has teamed with tech giant Microsoft and auditor KPMG to develop a new cloud-based business management software for small to medium enterprises (SMEs).
Christened ‘Wiise’, the software integrates with CBA’s invoicing platform, CommBank Simplify, as well as CBA banking data feeds, linking customers' banking and accounting platforms together.
Expected to be launched in July, the platform provides SMEs with “an end-to-end, integrated, cloud-based business management solution", the bank said, offering both accounting and financial management, as well as payroll, sales and marketing, job costing, workflow scheduling, inventory and customer relationship management.
With the addition of Microsoft, SMEs will also have access to the tech giant’s artificial intelligence and voice recognition services, as well as advanced cybersecurity protection.
Steven Worrall, Microsoft Australia Managing Director said the technology will help to overcome the “inevitable 'growing pains' and complexity” businesses experience as they mature.
"The technology solutions that served them well when they first started out are no longer fit for purpose and they just want a solution that makes their business simpler to run and faster to grow but without the complexity of deploying large, expensive Enterprise Resource Planning (ERP) solutions," Worrall said.
According to CBA, the Wiise platform will a standalone venture based at Stone & Chalk’s Sydney fintech hub.
The platform will also be made accessible to CBA’s customers via their digital assets, including NetBank and Commbiz.