Today Commonwealth Bank becomes the first Australian bank to release a report\u00a0outlining how it is ideating, developing, deploying and managing Artificial Intelligence (AI) at an organisational level with a\u00a0focus on responsible practices. The report explores the Bank\u2019s approach to AI, its journey over the past decade, and\u00a0practical examples of AI in action across the organisation.<\/p>\n
These include using AI to help protect customers from fraud and scams, strengthen cyber security, enhance customer\u00a0experiences and detect abuse in transaction descriptions.<\/p>\n
AI is reshaping industries and has the potential to deliver significant economic benefits for Australia, with industry\u00a0estimates suggesting AI could add $45 billion to $115 billion a year to the economy by 2030.<\/p>\n
Recognising this opportunity, the Australian Government\u2019s National AI Plan highlights the important role business plays in\u00a0adopting AI responsibly.<\/p>\n
Commonwealth Bank CEO Matt Comyn said the report aims to share what the Bank has learned in adopting AI and\u00a0managing associated risks.<\/p>\n
\u201cWe\u2019ve heard that stakeholders want to better understand how AI is being used across the Bank and our approach to\u00a0managing the risks associated with its adoption. This report outlines our progress and the safeguards we have in place to\u00a0support responsible use.\u201d<\/p>\n
\u201cTo realise the full potential of AI, we must work together to build capability, foster innovation and support responsible adoption. We aim to share our knowledge as we navigate this rapidly evolving landscape,\u201d Mr Comyn said.<\/p>\n
\u201cOur people are central to delivering for our customers, which is why we\u2019re expanding skilling programs to build\u00a0confidence and capability.\u201d<\/p>\n
Executive General Manager and lead on the Report Alex Matthews said CBA sees significant opportunities with AI but is\u00a0equally mindful of the risks.<\/p>\n
\u201cAs Australia\u2019s largest bank, trust is fundamental to how we use AI. Our approach is focused on our risk management\u00a0foundations and guided by our AI principles.\u201d<\/p>\n
\u201cBanking technology has evolved significantly in the past 30 years, and we are using AI to help reduce scams and fraud,\u00a0protect against phishing, and deliver more tailored and relevant experiences for our customers.<\/p>\n
\u201cWe recognise the importance of collaboration with government, universities and business to foster innovation, build\u00a0capability and support the responsible adoption of AI. We will continue to refine our approach as the technology evolves,\u201d Mr Matthews said.<\/p>\n
As part of this commitment, CommBank this week also launched a longitudinal research initiative developed with\u00a0Melbourne Business School to better understand how Australians perceive, use and trust AI in banking over time.<\/p>\n