Commonwealth Bank CEO, Matt Comyn, said: “We want to be doing really high quality work that makes a big difference on a national scale, and be able to attract the best people in market to come and work as part of that team.
“We've used AI in lots of areas, everything from emergency situations in bushfires and floods to give advanced notifications and real time information, through to analysing fuel spending patterns to suggest where the cheapest place is to go to get fuel.
“Anything we do with AI obviously has to be really grounded in what are the benefits that we can deliver for customers and communities. Fundamentally, it starts with high quality data, with the right controls and customer privacy absolutely at the forefront of that.
“We want to be known as an organisation that you can come and work with large data sets on leading edge tools and with some of our partners, while making a real impact for customers.”
The H2O.ai partnership provides CBA with access to exceptional world-leading talent and supports the bank’s strategy towards offering global-best digital experiences and technology, as well as reimaged products and services.
The partnership is also helping the bank to bring the power to its people, without them necessarily needing prior experience in machine learning and data modelling. Ultimately, it means those who serve our customers are empowered to help develop new experiences that use AI in a safe and scalable way, to make a real impact.
Dr Andrew McMullan, CBA’s Chief Data & Analytics Officer said: “Over the last year we have distributed 100 H2O.ai licences throughout the bank across more than 10 business units, with more than 20 uses cases either in production or soon to be.
“This has led to us to now being the first organisation in the world to use Document AI, a ground-breaking new tool that provides significantly enhanced digitised document processing to intelligently understand and interpret the contents of documents. We are using H2O’s capability to transform CBA into an AI-leading bank to make document processing easier, faster and more accurate.
“H2O.ai has enabled us to enhance our Customer Engagement Engine and recommendation engine, with data models in our shopping hub now based on more than a trillion data points per year. H2O’s advanced technology is allowing us to anticipate customer needs to a level not seen before, connecting our customers to a greater variety of offers across merchants of all sizes.
“The H2O platform has also helped boost customer response rates to features within the CommBank app, including with Bill Sense by more than 160 per cent and Benefits finder by more than 120 per cent, helping customers navigate through today’s costs of living challenges.”