The Commonwealth Bank of Australia has announced that it will use artificial intelligence to enhance customer experience by reducing fraud, scam losses, and call centre wait times.
The bank has reported a 50% reduction in customer scam losses by implementing AI-based safety and security features such as NameCheck, CallerCheck, and CustomerCheck. These tools are designed to reinforce the security of transactions and customer interactions.
Additionally, CBA has seen a 30% decrease in customer-reported frauds by introducing suspicious transaction alerts powered by generative artificial intelligence (Gen AI). These alerts assist in promptly identifying and addressing potentially fraudulent activity.
There has also been a reported 40% reduction in call centre wait times over the past financial year, attributed to AI-powered messaging within CBA's mobile app. This service offers customers a more efficient means of communication and assistance, thus improving overall customer service outcomes.
The Commonwealth Bank anticipates further enhancements from AI, including streamlined processes such as automated annual reviews. This is expected to result in significant time savings for both business customers and bankers.
CEO Matt Comyn highlighted the bank's commitment to leveraging AI as part of its strategy to build stronger customer relationships. "Building deeper customer relationships remained at the centre of the Bank's strategy, with AI playing an important role in delivering superior customer experiences," he said.
The Commonwealth Bank of Australia (CBA) is one of Australia's major financial institutions. It offers a wide range of banking services, including retail, business, and institutional banking, as well as wealth management and insurance products. With a commitment to innovation, CBA increasingly leverages technology like artificial intelligence to improve customer experiences and enhance security.
Incorporating AI-driven tools has allowed CBA to significantly improve fraud prevention, customer service, and operational efficiency. As the bank continues to advance its AI capabilities, it is poised to strengthen its customer relationships further and provide more seamless and secure banking experiences.
