The Commonwealth Bank of Australia (CommBank) has signed a multi-year partnership with OpenAI to offer its customers and employees advanced AI solutions.

Through the collaboration, engineers from CommBank and OpenAI will work together to develop advanced generative AI solutions designed to strengthen fraud detection while offering more personalised services to CommBank customers.

The agreement will see CommBank employees gradually gain access to OpenAI's advanced AI tools, including its enterprise-grade AI solution, ChatGPT Enterprise.

CommBank has said it is also investing in comprehensive training and professional development programmes to increase AI capabilities and integrate the responsible use of AI across its workforce.

Matt Comyn, CommBank's chief executive, said the strategic partnership with OpenAI reflects the bank's commitment to bringing world-class expertise to Australia whilst exploring how AI can improve clients’ overall experience.

“Equipping our people with the most advanced AI tools and capability is a key objective of this strategic partnership,” added Comyn. “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.”

The move comes just days after Santander announced it is boosting its data and AI-first transformation strategy through a new partnership with OpenAI.

https://www.fstech.co.uk/fst/Santander_Boosts_AI_First_Strategy_With_OpenAI_Partnership.php

The financial institution’s chief data and AI officer Ricardo Martín Manjón revealed that over a two-month period it has deployed ChatGPT Enterprise to nearly 15,000 employees across Europe and the Americas.

The bank expects reach 30,000 users by the end of the year or 15 per cent of the workforce.

Speaking about the company’s new deal with CommBank, Sam Altman, chief executive of OpenAI said: “CommBank is one of Australia’s largest institutions, serving millions of people and businesses every day. 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.”

The announcement of the new partnership also follows the March news that NatWest became the first UK-headquartered bank to partner with OpenAI as part of its bank-wide simplification strategy.

At the time, NatWest said the large-scale collaboration could accelerate how quickly and widely it can implement some of the “most powerful” developments in generative AI (genAI), providing direct access to OpenAI’s latest technology and insights.

In May, OakNorth also announced a collaboration with OpenAI to integrate generative AI (genAI) technologies throughout its business with the aim of achieving new levels of speed, personalisation, and efficiency for its customers.

OakNorth is deploying AI across multiple initiatives, including digital lending, functional AI enhancement projects, and firmwide AI adoption to improve service quality and operational efficiency.

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