Commonwealth Bank harnesses data science for AI decision making
Australia’s biggest bank looks to help clients deliver change through “unprecedented” customer insights
Commonwealth Bank of Australia (CBA) has launched a joint venture with data analytics firm Quantium to provide data insights to customers and automate decision-making.
The venture is called CommBank iQ and will provide fast, current and relevant data insights to help institutional clients deliver better products and services for their customers and stakeholders. It will begin trading in the second half of 2021 and all transaction data handled by Commbank iQ will be aggregated and fully de-identified.
The venture will see the creation of a number of data-driven products, decision support tools and AI decision engines that harness de-identified data to automate decision-making, helping institutions act and deliver change based on unprecedented customer insights, according to the companies.
“As Australia’s biggest bank, we see more transactions than any other institution in the country,” said Andrew Hinchliff, CBA’s group executive of institutional banking and markets. “By working in partnership with Quantium, we can harness the power of this peerless dataset to help Australian governments, businesses, investors and NGOs predict and adapt to the changing needs and wants of their customers.”
Quantium had previously worked with National Australia Bank (NAB) to build insights for clients but approached CBA a year ago as it recognised it held a larger pool of transaction data to work with, according to the Australia Financial Review. The move highlights CBA’s objective of moving ahead of its competitors, like Westpac, and position itself to win new business in sectors like housing.
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News of the joint venture comes after the Australian government announced it’s investing almost $1.2 billion AUD (£670 million) in its digital future as part of a strategy to transform the country into a modern and leading digital economy by 2030. The investment will see the formation of a National Artificial Intelligence Centre, support for digital skills training, an overhaul of myGov and supporting emerging aviation tech like drones.
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