The Commonwealth Bank of Australia (CBA) is pioneering the use of generative artificial intelligence (Gen AI) to transform customer experiences, emerging as one of the few banks worldwide to integrate AI-powered messaging directly into customer service channels.
At a strategic update in Sydney, CBA highlighted how Gen AI is improving safety, convenience, and efficiency for its more than 10 million customers. Key outcomes include:
• A 50% reduction in customer scam losses through AI-driven security features such as NameCheck, CallerCheck, and CustomerCheck.
• A 30% drop in fraud reports, aided by suspicious transaction alerts powered by Gen AI.
• A 40% decrease in call center wait times, thanks to AI-powered app messaging.
CBA processes over 20 million payments daily and uses Gen AI to identify suspicious transactions, sending 20,000 proactive alerts per day to retail customers. This service is now scaling up to 35,000 alerts per day, further reducing fraud risks.
The bank's innovative approach extends to customer-facing messaging services, which handle over 50,000 daily inquiries—a fivefold increase in five years. Gen AI has significantly improved the speed and accuracy of responses, aiming to resolve even the 10% of queries currently unanswered by the platform.
For business customers, Gen AI is streamlining processes like loan applications and annual reviews. Applications are now pre-populated with existing customer information, enabling conditional approvals in under 10 minutes. Annual credit reviews, which previously took 14 hours, can now be completed in just two hours.
CBA CEO Matt Comyn emphasized the role of AI in building deeper customer relationships, stating, “AI allows us to deliver better experiences to more customers at a faster rate.” By leveraging Gen AI, CBA continues to set benchmarks for safety, efficiency, and customer satisfaction in the banking industry.
