Commonwealth Bank has adopted artificial intelligence with gusto in recent years. While it hasn’t always gone smoothly, the prioritisation of the technology has been clear, with the bank even going as far as to axe 45 human jobs as part of its automation push.
The bank quickly backtracked on this decision, as members found work had spiked upon the bot’s introduction despite claims it would reduce calls. While the jobs were offered back, the AI bots have still stuck around, with the app bot – named Ceba – drawing mixed reviews.
Some customers are still not impressed with the AI bot’s ability to answer simple questions. Canberra local Dr Julia Tresidder tells Yahoo Finance that her experience this week with the bot was nothing short of “pathetic”.
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When looking at her GoalSaver account, Tressider noticed one of the interest components she receives each month had halved in value compared to the month before.
The GoalSaver product offers its account holders two interest rates: the base rate and the bonus variable interest rate if monthly conditions are met.
As Tressider had made withdrawals in the past month, she knew she wouldn’t be eligible for the bonus rate. She did, however, expect to receive the 0.25 per cent base rate that she had previously.
The question was simple: has something changed with the interest rate split or the monthly conditions?
Ceba, which was introduced in 2018, didn’t have an answer.
Instead, it told her the overall rate – what an individual is paid for meeting all of the conditions – is still 5 per cent. It didn’t know anything about the two separate rates.
“It just couldn’t tell me the answer [about the split], which made me waste 10 or 15 minutes trying to ask the question in different ways to try and get an answer,” Tresidder says.
When she told Ceba she was going to call the bank directly instead, the bot’s reply was to say it “must be broken” and to “try again later”.
Members can access Ceba via the Commonwealth Bank app. · SOPA Images via Getty Images
The first person Tresidder spoke to at the bank couldn’t answer the question either, and she was forwarded on to eventually be told the 0.25 per cent base rate had been cut to 0.10 per cent.
It comes as banks make wholesale changes to credit card perks as well as savings rates as new changes were pushed through by the RBA this week.
Fee changes seep into customer pockets
As of October 1, the interchange cap on the amount banks charge businesses to process electonic payments dropped from 0.8 to 0.3 per cent, a move the RBA estimates will save businesses $910 million a year.
Tresidder believes it’s possible CBA is offsetting the lower profit they’ll receive from intercharge fees by finding the revenue elsewhere, such as their savings customers.
It’s something Canstar’s data insights director Sally Tindall earlier warned Australians was a likely scenario, with banks responding to the hit to their interchange revenue by adjusting credit card terms, rewards programs and, in this case, interest rates.
“Ultimately, someone’s going to pay for this,” Tindall says.
“It’s going to fall on the shoulders of consumers day-to-day Australians and also small businesses, unfortunately.”
Banks have started slashing perks, including their frequent flyer point earning programs.
Tresidder says its changes like these interest rates that highlight to her how the government is “pretending” that Australians are going to pay less from the recent changes.
“This is an example of the Commonwealth Bank working out where they can make money back off me,” she said.
“Our financial system is already so complicated, and most people don’t understand it. But the more it gets outsourced to bots and AI, the less chance anyone has of understanding it.”
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