Australia: The Commonwealth Bank of Australia (CBA) announced its latest venture into the world of Artificial Intelligence (AI) on Monday, announcing a partnership with H20.ai, a global industry leader. According to reports, H20.ai, based in Silicon Valley, would provide the bank with tools and personnel to analyse massive data sets, identify fraud patterns, gain insight into consumer behaviour, predict bills, and forecast cash flows. CBA's USD 100 million investment and exclusive partnership demonstrated the bank's desire to be at the forefront of AI development in Australia's banking sector.
The partnership will allow Commonwealth Bank CEO Matt Comyn to better meet customers' needs and "reimagine" their products and services, according to Comyn. "This partnership will accelerate our ability to deliver a broader customer proposition through more personalised experiences, resulting in greater value for our customers," Comyn said in a statement released on Monday. While the agreement would include a dedicated team of H20.ai experts, Comyn hoped that it would also bring more top industry talent to Australia.
It allows us to collaborate more closely with some of the world's best data scientists and will help to attract top talent who want to work with the best tools on the largest data sets on the most interesting problems," Comyn said.
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