Commonwealth Bank of Australia has announced a partnership with OpenAI to work on generative artificial intelligence solutions for banking customers and employees.
New partnership
The partnership will see CommBank and OpenAI engineers jointly developing AI-driven capabilities, with a focus on strengthening scam and fraud detection and providing more personalised services for the bank's customers. This relationship makes CommBank OpenAI's strategic banking partner in Australia.
As part of the collaboration, CommBank employees will gain phased access to OpenAI's suite of advanced AI tools, including the enterprise-grade version of ChatGPT. The bank has also committed to rolling out training and upskilling programmes to improve AI literacy and promote the responsible use of new technologies across its operations.
Executive perspectives
"To be globally competitive, Australia must embrace this new era of rapid technological change. Our strategic partnership with OpenAI reflects our commitment to bringing world class capabilities to Australia, and exploring how AI can enhance customer experiences, better protect our customers, and unlock new opportunities for Australian businesses," said Matt Comyn, CEO of Commonwealth Bank.
Matt Comyn further stated, "Equipping our people with the most advanced AI tools and capability is a key objective of this strategic partnership. We will continue to invest in our people and their AI proficiency so they can better support our customers, while building their skills and experience."
OpenAI's Chief Executive Officer, Sam Altman, said: "CommBank is one of Australia's largest institutions, serving millions of people and businesses every day. We're excited to work together to put advanced AI into the hands of more Australians, making it more useful and impactful for people and businesses across the country."
Focus on security and customer benefit
The joint project will look at how generative AI solutions can be employed to enhance the security of banking, particularly in preventing scams and fraud that could impact customers. The partnership is also intended to identify ways to provide more tailored banking services using AI technologies, aligning with CommBank's stated focus on responsible innovation and customer safety.
CommBank is making efforts to ensure the responsible integration of these technologies, including employee education programmes. As employees are introduced to ChatGPT Enterprise and other related OpenAI services, the company will focus on embedding best practices in data security and privacy.
Broader digital strategy
The strategic partnership with OpenAI forms part of CommBank's overall strategy to strengthen its technology offering in response to the increasing digitalisation of financial services. Bank representatives have said that bringing world-class AI capabilities to local markets is a key priority, both for internal efficiencies and to create value for customers.
The engagement will continue on a multi-year basis, with CommBank and OpenAI engineers working closely to identify areas where AI can improve operational resilience, customer interactions, and business growth possibilities for Australian companies.
No specific product releases or timelines were outlined, with both parties expressing a long-term commitment to developing solutions that meet local customer requirements and regulatory standards.
