Quantium CEO Adam Driussi, said: “We’re delighted to establish a long-term joint venture with CBA to deliver an unmatchable combination of Australia’s leading de-identified customer spend dataset and Quantium’s world-class data science capabilities.
“Commbank iQ’s experienced consultants will also offer the commercial skills and sector experience to identify and unlock hidden value for a wide range of institutions. It’s a truly exceptional solution that promises to solve challenging problems and create better products and services for Australians,” said Mr Driussi.
Commbank iQ will offer a range of flexible solutions from insights reports to decision support tools and AI decision engines that harness de-identified data to automate decision-making, helping institutions act and deliver real change based on unprecedented customer insights .
Both CBA and Quantium will contribute founding team members to the joint venture, with Quantium also contributing its cutting-edge big data tech stack which incorporates a proprietary blend of technologies and a best-in-class algorithm library.
The joint venture will apply world’s best practice data ethics and governance standards. All transaction data handled by Commbank iQ will be aggregated and fully de-identified using best practice techniques.
The new business will begin trading in the second half of 2021.