CommBank Creates 50-Plus Gen AI Use Cases Across Its Business
Commonwealth Bank (CBA) established a secure environment for experimentation, enabling the creation of over 50 generative AI use cases. The bank also revealed large-scale growth accompanying its half-year results presentation Last updated: 2024/02/14 Editorial Desk<https://www.techbusinessnews.com.au/author/editorial/> (https://www.techbusinessnews.com.au/author/editorial/) https://www.techbusinessnews.com.au/news/commbank-cba-creates-50-plus-gen-ai-use-cases-across-its-business/ In a continuous effort to foster innovation CBA created 50-plus generative AI use cases using a safe environment it set up for experimentation last year. While the bank showcased significant growth and utilisation in its half-year results presentation slides, it refrained from directly addressing the extent of its success. According to CBA, the expansion of generative AI initiatives was the result of a conscientious approach to scaling AI technologies, yielding more than 50 practical applications designed to streamline operational processes and enhance frontline services for customers. The solutions emerged from the CommBank Gen.ai Studio, a platform powered by H2O.ai, specifically designed to facilitate safe experimentation with large language models (LLMs). Furthermore, the bank emphasised its commitment to democratising the responsible use of AI by providing training to over 500 staff members on AI tools. CBA also hinted at the potential of generative AI in enhancing its ongoing endeavors with the customer engagement engine (CEE), also known as the next best conversation (NBC) engine. CEO Matt Comyn revealed to financial analysts that the CEE has been leveraged to deliver personalized pricing offers to home loan customers transitioning from fixed-rate loans, showcasing the platform’s adaptability and versatility. While the specifics remained somewhat enigmatic, CBA suggested a significant surge in experimentation capability within the NBC, with a reported 30x increase compared to the current CEE A/B testing framework, facilitated by GenAI CommBank’s innovative integration of over 50 Generation AI use cases throughout its business marks a significant milestone in the evolution of banking services. Last year the bank also launched upgrades to its banking platform with CommBank App 5.0 integrating its CommSec trading app and new AI-driven personalisation. The new app also included “simple profile switch”, allowing CBA’s small business customers to easily move between business and personal accounts. Meanwhile, in a notable revelation its recent presentation, Commbank also shared it had successfully prevented and recovered an impressive $100 million in customer scams during 1H24 -- _______________________________________________ Link mailing list [email protected] https://mailman.anu.edu.au/mailman/listinfo/link
