Commonwealth Bank of Australia (CBA) has highlighted the transformative impact of artificial intelligence (AI) on its services, improving customer experiences for its 10 million-plus customers.
At a strategic update in Sydney, CBA showcased how AI is delivering a range of benefits, including:
- A 50% reduction in customer scam losses, through AI-driven security features like NameCheck, CallerCheck, and CustomerCheck.
- A 30% decrease in fraud reports, thanks to Gen AI-powered alerts for suspicious transactions.
- A 40% reduction in call center wait times, aided by AI-powered messaging in the CBA app.
CBA also outlined future AI-driven initiatives, such as automating annual reviews for business customers, which would save valuable time for both customers and bankers.
CEO Matt Comyn emphasized that fostering deeper customer relationships remains central to the Bank’s strategy, with AI playing a key role in enhancing customer experiences.
“With over a third of Australians and nearly a quarter of businesses choosing us as their main financial institution, we are committed to meeting their evolving needs through innovative, differentiated services,” said Comyn. “AI is essential in helping us deliver better experiences to more customers, faster.”
CBA processes more than 20 million payments daily, and with the integration of Gen AI, the Bank flags thousands of suspicious transactions and sends 20,000 proactive alerts daily to retail customers via its app. This initiative has been key in reducing fraud by 30%, and the Bank plans to expand the service to 35,000 alerts per day.
Additionally, CBA has implemented AI-driven messaging for customer service, a channel that sees over 50,000 retail inquiries daily. By incorporating Gen AI into the platform, the Bank aims to enhance the speed, quality, and accuracy of responses, addressing the 10% of inquiries the system currently cannot resolve.
For business customers, Gen AI-powered messaging will expedite payment processes and provide real-time responses, streamlining transactions and saving time.
CBA’s use of AI is set to continue evolving, with the aim of delivering more efficient, secure, and personalized services to its growing customer base.
