Commonwealth Bank of Australia has announced a multi-year partnership with OpenAI, marking the tech firm’s first strategic banking alliance in the country.
Under the agreement, CommBank and OpenAI engineers will jointly develop advanced generative AI solutions, targeting improved scam and fraud detection as well as more personalised services for customers.
The deal will see CommBank staff progressively gain access to OpenAI’s enterprise-grade tools, including ChatGPT Enterprise.
The bank is also rolling out extensive training and upskilling programs to boost AI expertise and ensure the responsible use of the technology across its workforce.
“To be globally competitive, Australia must embrace this new era of rapid technological change said,” Matt Comyn, CEO of Commonwealth Bank.
“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,” Comyn said.
“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,” he said.
“CommBank is one of Australia’s largest institutions, serving millions of people and businesses every day,” said Sam Altman, CEO of OpenAI.
“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.” said Altman
According to a CSIRO report, 68% of Australian businesses have already implemented AI technologies, with many customer service jobs being replaced with chatbots and virtual assistants
CBA has become one of Australia’s latest lenders to announce job reductions driven by growing AI adoption as the bank increasingly turns to automation and AI technology to streamline operations.
Earlier this year, CommBank axed 45 Australian jobs from its customer call centres following the introduction of an AI-powered chatbot designed to handle customer inquiries.
Finance Sector Union national secretary Julia Angrisano recently stated,” Just when we think CBA can’t sink any lower, they start cutting jobs because of AI on top of sneakily offshoring work to India.
“Workers want a tech-savvy bank, but they expect to be part of the change, not replaced by it. There is a human cost to this. You can’t just replace frontline jobs with a voice bot and expect the same service for customers.” Angrisano said.
Back in May, HR Leader reported CommBank cut another 163 jobs in its customer service roles, bringing total workforce reductions to nearly 800 over the past year.
At the time, FSU national assistant secretary Jason Hall questioned the bank’s decision to reduce staff despite its strong profits.
In February, CBA reported a 6% lift in net profit, posting a half-year result of $5.1 billion, reflecting solid revenue growth and sustained demand across its retail and business banking divisions.
