Sydney, Australia: Commonwealth Bank has today announced a series of innovations and technological advances designed to strengthen and deepen the customer experience as increasing numbers of customers switch to digital banking.
The bank has launched a refreshed version of its multi-award winning CommBank app, which will offer even more personalised, relevant and safe customer experiences. The new app will allow customers to buy, sell and hold shares through the integration of CommSec, while new functionality will enable business customers to switch seamlessly between their personal and business accounts.
The bank has also revealed that it is using global leading artificial intelligence and machine learning to better understand the needs of its 8.3 million digitally active customers, delivering them more tailored and relevant services, and offering more choices and highly-differentiated benefits than ever before.
The bank’s Customer Engagement Engine (CEE), launched in 2016, now utilises approximately 1,000 machine learning models and 157 billion data points in real-time to improve the customer experience. The CEE is powered by the bank’s partnership with Silicon Valley-based H2O.ai, which enables the bank to experiment with new generative technologies that result in more personalised customer offerings, such as the Benefits finder service and improved fraud and scam detection systems.
CBA CEO Matt Comyn said: “As the trusted partner of one in three Australians and a quarter of all businesses, our strategic approach to building tomorrow’s bank today is clearly focused on supporting, strengthening and deepening the relationships with all of our customers.
Utilising global leading artificial intelligence and building on the digital investments and advances we have made in recent years, we are now able to better understand the needs of our 8.3 million digitally active customers, delivering them more tailored and relevant services, and offering more choices and highly-differentiated benefits than ever before.”
The new CommBank app 5.0 will be rolled out to customers over the coming weeks. The app currently has 7.7 million users who log in an average of 17 times per month.