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CBA outlined its commitment to AI, utilising systems to help against scam losses, fraud, and call centre wait times.
According to the major, through AI, the benefits have been:
- A 50 per cent reduction in customer scam losses, aided by the implementation and use of safety and security features that use AI, including NameCheck, CallerCheck, and CustomerCheck.
- A 30 per cent drop in customer-reported frauds due to measures like Gen AI-powered suspicious transaction alerts.
- AI-powered app messaging helping reduce call centre wait times by 40 per cent over the last financial year.
- Faster loan decisions for business customers.
- $1.2 billion connected to customers via Benefits finder.
“With more than one in three Australians and almost one in four businesses considering us their main financial institution, we have a huge customer base to serve. Their preferences and expectations continue to shift, and we aim to meet them by delivering distinct, differentiated and compelling propositions,” said CBA CEO Matt Comyn.
“Technology, and AI in particular, are critical in meeting this ambition. AI allows us to deliver better experiences to more customers at a faster rate, and we’re already seeing significant benefits in a variety of use cases.”
CBA plans to integrate AI further into processes to assist with its over 20 million payments each day. According to the bank, generative AI is helping flag thousands of transactions that look suspicious and sending 20,000 proactive warning alerts per day to retail customers.
CBA is now recognised as the number five bank globally and first in APAC for AI maturity.
Related: AI investments boost loan decisions among lenders
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