Commonwealth Bank (CommBank) has begun testing a new AI-powered assistant inside its mobile banking app to allow customers to better manage their money.

The Australian bank said its new CommBank Companion service will enable retail and business customers to manage their finances through a conversational interface embedded directly within the CommBank app.

The tool is currently being trialled with employees and a select group of business banking customers, with a wider consumer pilot expected in the coming weeks.

According to CommBank, the assistant can help customers create budgets, track subscriptions and assess home-buying affordability and analyse spending patterns using live customer data. Business users can also ask questions about cash flow trends, forecast outgoings and compare lending products.

The bank said the AI system has been developed internally by its engineering and data science teams and operates within the bank’s existing secure app infrastructure. CommBank added that the platform has been designed with governance controls, human oversight and testing safeguards intended to support accuracy and customer safety.

The bank stressed that the assistant does not provide regulated financial advice or make decisions on behalf of customers. Instead, it is intended to support users with information and guidance while keeping customers in control of financial decisions.

CommBank said the assistant forms part of its wider AI strategy, with the bank continuing to invest heavily in digital services, fraud prevention and cybersecurity capabilities.
In the future, CommBank plans to explore capabilities such as AI-driven staffing optimisation for businesses, benchmarking tools against similar companies and advanced cash flow scenario modelling.

Angus Sullivan, group executive for retail banking services at CommBank, said the initiative reflects changing customer expectations around digital banking experiences.

“It reflects a broader shift in banking from something customers navigate, to something that can actively surface relevant information to them,” he added. “In the coming weeks we will be expanding the employee and business bank test to include some personal banking customers ahead of a broader rollout.”

With this launch CommBank joins the growing number of financial institutions incorporating consumer facing AI into their products. Last month, Revolut launched its AI assistant, following closely behind UK bank Starling and Lloyds.

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