Australia’s biggest bank’s new whole of bank loyalty program, Yello,focuses on building longer-term competitive advantage and differentiation in banking. Competitors ANZ and Westpac trade at 1.1 times book value, NAB at 1.5 times while CBA is at 2.4 times (one of the most richly valued banks in the world). CBA is building out a fully integrated loyalty and services business. The commercial goal is payments and digital primacy.