Australia's Commonwealth Bank says early implementation of GenAI is helping it to substantially reduce fraud rates.
At a strategic update in Sydney, the bank showcased the role technology and AI are playing in delivering a number of improved outcomes for customers, reporting a 50 per cent reduction in customer scam losses, aided by the implementation of ecurity features which use AI, including NameCheck, CallerCheck and CustomerCheck.
CBA processes and analyses more than 20 million payments a day. With the aid of GenAI, the Bank is now flagging thousands of transactions that look suspicious and sending 20,000 proactive warning alerts per day to retail customers via the app. The initiative has played a central role in reducing customer-reported fraud by 30 per cent, and the bank will now scale the service to 35,000 proactive alerts a day.
CBA CEO Matt Comyn says that AI will play an increasingly important role in delivering customer services in the future.
“With more than one in three Australians and almost one in four businesses considering us their main financial institution, we have a huge customer base to serve. Their preferences and expectations continue to shift, and we aim to meet them by delivering distinct, differentiated and compelling propositions.
“Technology, and AI in particular, are critical in meeting this ambition. AI allows us to deliver better experiences to more customers at a faster rate, and we’re already seeing significant benefits in a variety of use cases.”
Beyond fraud, the bank is embedding AI across its business, deploying the technology to deliver superior customer-facing messaging services and to significantly speed up loan applications and annual credit reviews.