Commonwealth Bank enhances customer safety and convenience with Generative AI

Digital Reinvention
09/12/2024News

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.

Digital Reinvention
28/11/2024Article

Qorus Innovation Spotlight: November 2024 edition

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.

Related news & insights

Digital Reinvention
22/12/2024News

Emirates NBD’s Deniz Ventures invests in TeamSec to transform securitization

TeamSec’s Securitization-as-a-Service platform leverages artificial intelligence and data analytics to digitize and streamline securitization processes, transforming the structured finance landscape...

Digital Reinvention
21/12/2024Video

Future workforce innovation: BCA’s robotic approach

Reni Septiana, Executive Vice President at BCA, presents this project, which was recognized in the Future Workforce category at the...

Digital Reinvention
20/12/2024Video

Bradesco’s GenAI innovations: Virtual assistants, chatbots, and trustworthy AI frameworks

Rafael Forte Araújo Cavalcanti, Chief Data and Analytics Officer at Bradesco, presents two of the bank's most interesting use cases:...

Digital Reinvention
19/12/2024Article

AI data and ethics: Financial services firms must ready themselves for looming AI laws

Banks and insurers in the EU need to move quickly to ensure their AI systems comply with looming regulatory requirements....

Digital Reinvention
04/12/2024Article

APAC’s solutions to Europe’s biggest challenges in banking

We've gathered some of the most pressing questions from our European member banks and asked Joe Jelinek, Research Director at...

SME Banking
04/12/2024News

DBS, EnterpriseSG, and IMDA launch Spark GenAI to empower Singapore SMEs

The Spark GenAI programme, aimed at helping Singapore’s small and medium-sized enterprises (SMEs) leverage generative artificial intelligence (GenAI) for growth...

Digital Reinvention
02/12/2024Video

Key insights from the Qorus-Infosys Finacle Innovation in Retail Banking report 2024

Jim Marous, Owner and Publisher of the Digital Banking Report and Co-Publisher of The Financial Brand, shares key insights from...

Embedded Insurance
02/12/2024News

YAS and QBE launch “Pay-As-You-Sell” insurance for e-commerce merchants

This pioneering solution, underwritten by QBE and distributed through YAS, utilizes advanced technology from Assureful, offering a scalable and dynamic...