At CommBank, our goal is to provide the best digital banking experience globally. An ambitious goal? Sure. However, one we’re already well on our way to achieving.
While this push for innovation is seen most seen across our industry-leading consumer apps, platforms and digital experiences, it’s also playing a key role in transforming how we identify and manage risk.
One of the driving forces behind this change is Nigel Williams, CommBank’s Group Chief Risk Officer.
“I’m a data geek,” says Nigel. “For us, the future is in the use of data, the use of machine learning. We’re building a data-led strategy where us risk professionals can use our experience to make judgements based on that data.”
At the end of the day, it’s all about being able to leverage CommBank’s technology and data to improve outcomes for both the bank and customers.
“We look for opportunities where we can help the community. Whether it’s identifying financial crime, helping people find the right home loan or start their business – that’s what makes risk so exciting”, says Nigel.
Being the ‘best in digital’, both inside and out
Being at the forefront of digital innovation is in CommBank’s DNA. For years we’ve led the way with our cutting-edge technology, having produced Australia’s number one mobile banking app and number one online banking platform.
After decades of investment in digital infrastructure, assets and innovation, CommBank’s focus is now turning to modernising and simplifying our systems – opening the door to new ways of working.
For Group Chief Controls Officer, Anthony, the ways we’re leveraging our customer-facing tech to simplify how Risk operates is what’s most exciting.
“We’re now enabling our own internal systems and processes to mimic what you see in our customer experience,” says Anthony.
“Using things like artificial intelligence and machine learning to improve our day-to-day ways of working opens up a huge wealth of opportunities for risk professionals.”
This rings especially true for Diona, who heads up Risk within Enterprise Services, CommBank’s technology and operations arm.
“We’re on the journey of innovation,” says Diona.
“For risk professionals, that’s an exciting world to be in. There are huge opportunities for people who have an interest in innovation and technology to get involved in something really exciting.”
With this increased capability, risk professionals are also being more empowered to have a voice and influence how CommBank does business.
“By the nature of our role we are challenging the way people are doing things,” she continues. “We’re the ones at the coalface looking at what’s going wrong and trying to improve how we operate, which can be challenging.
“It helps that the bank is really open to new solutions and ways of doing things.”
It’s all about the data
With over 6.1 million active users on our mobile app alone, the sheer volume of information that CommBank’s servers process on a second-to-second basis is staggering. Simply managing and securing that data is a big enough task in itself, but the real key is in how we can use data to make better decisions.
John leads CommBank’s Financial Crime and Compliance team, which is leveraging our data capabilities to better protect both CommBank’s customers and the broader community.
“Risk has really evolved and data plays an important role in that,” he says.
“We’ve become less about bureaucratic, administrative risk management and more equipped to identify and manage risk properly.”
Which is where the cutting-edge tech comes in.
“When you have the tools to analyse the data properly, we can start to foresee future risk and predict what might happen. Traditionally it’s been about following risk but the way of the future is using data to predict risk, and that’s where we’re moving into.”