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CBA boss Matt Comyn says CEOs need to be honest about the disruption coming for workers. <\/p>\n CBA boss Matt Comyn says CEOs need to be honest about the disruption coming for workers. <\/p>\n
Commonwealth Bank boss Matt Comyn<\/a> has warned there is no avoiding major workplace disruptions from the rise of emerging agentic AI technology. The lender is charging forward with its embrace of AI, pumping $2.4 billion a year into developing the bank\u2019s tech.<\/p>\n It has been arguably the most aggressive in its experimentation with AI and replacing human workers with the technology<\/a>. Despite some very public hiccups<\/a>, Comyn said employers like Commonwealth Bank \u2013 which has some 55,000 staff \u2013 have a duty to be honest about the change that is happening.<\/p>\n As CBA hosts its first ever Accelerate AI conference which starts today, the CEO said it is committed to \u201cre-skilling pathways \u2026 and supporting people with dignity where roles change or end.\u201d<\/p>\n RELATED<\/p>\n Writing for The Australian Financial Review<\/a> this morning, he admitted Australians are right to be circumspect about the change as it reshapes workflow and the structure of large employers.<\/p>\n \u201cWhen a role disappears, it affects a household budget, a mortgage, a career plan and, for many people, a sense of identity. Saying AI is good for national productivity does not make loss painless,\u201d he wrote.<\/p>\n \u201cBut pretending every role can be preserved would not be fair either. An employer of our scale has a responsibility to avoid false reassurance and give people the best possible chance to adapt.\u201d<\/p>\n Comyn touted the immense potential of the technology to \u201chelp protect customers from scams and fraud, improve service and make the bank easier to deal with\u201d.<\/p>\n Commbank quietly testing customer AI ‘companion’ <\/p>\n As the bank outspends its peers on investing in its technology capabilities, customers might soon be able to apply for a home or business loan via artificial intelligence without even speaking to a human.<\/p>\n Tech giants in the US have long been heralding the advent of AI agents that can carry out detailed online tasks on behalf of users.<\/p>\n CBA has revealed it has been pilot testing a so-called Commbank Companion, an agentic AI-powered tool that will live inside its mobile banking app and do things like complete an income verification and other stages of a borrowing application, AAP reports.<\/p>\n The tool, the bank says, will allow retail and business customers to ask questions and find information about their goals – like buying a home, financial health, cash flows and savings – using the customers’ own readily available information, completely human-free.<\/p>\n However, the conversational tool won’t be making direct recommendations about bank products, given it’s not meant – or allowed – to substitute for financial advice due to banking industry rules and regulations.<\/p>\n The theory is that the customer will be in control, especially in terms of what they choose to do next, subject to terms and conditions.<\/p>\n According to the bank, the companion tool will be able to take action as it resolves questions, acting intuitively, as it gets to know you and your likes and preferences.<\/p>\n For example, say “Alex”, 28, wants to buy a home and one weekend sees a property that she likes. In CBA’s world, she would ask the companion how much it’s worth and how to reach her deposit goals, and receive the answers in real time. With a plan now in place, the companion would continue to act as a guide to help Alex save.<\/p>\n The companion is already being tested by 10,000 bank employees, along with select business customers, and will be rolled out in stages. It’s set to go ‘live’ with thousands of retail and business customers by the end of June.<\/p>\n with AAP<\/p>\n Get the latest Yahoo Finance news – follow us on Facebook<\/a>, LinkedIn<\/a> and Instagram<\/a>.<\/p>\n The bank has been testing an agentic ‘companion’ tool. \u00b7 Commonwealth Bank <\/p>\n