As part of the partnership agreement, Commonwealth Bank will provide H2O.ai’s state-of-the-art AI Cloud to its entire organisation, including data scientists, data engineers and business users. The bank will gain a dedicated H2O.ai team of experts, including industry-renowned ‘Kaggle Grandmasters’, machine learning engineers and product specialists, to work full time on developing new AI solutions within the bank.
Dr Andrew McMullan, CBA’s Chief Data & Analytics Officer said: “We are building an AI-powered organisation for the benefit of our customers. Through this partnership, we will be able to better help customers find personalised and relevant offers to save money while they shop across platforms like Little Birdie, Karta, CommBank Rewards, and Klarna, while at the same time driving sales for merchants. We intend to be one of the highest quality, lowest cost sources of leads to our business customers.
“H2O.ai will also help us to better predict bills and forecast cash flows for both retail and business customers so they can plan ahead. Customers want to be in control, and through the combination of our award winning app, powered by artificial intelligence, we can deliver products and services in the moment to manage unexpected expenses or irregular incomes.
“We are not just helping customers make better decisions about their finances, but also about how they can reduce and offset their energy usage and carbon emissions. We will be using our AI models to orchestrate a range of services available across the CBA ecosystem for customers, including through our own products like the Green Loan to help homeowners finance solar or a battery, or through recently announced partnerships such as Amber Energy and CoGo.”
Commonwealth Bank is now H2O.ai’s exclusive financial services partner in Australia and New Zealand, and provides the bank with access to top international talent to assist in working on the bank’s highest value customer needs.