Commonwealth Bank of Australia Leverages AI to Slash Fraud and Streamline Services
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On Thu, 28 Nov, 4:01 PM UTC
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AI Cuts Scam Losses, Speeds Up Home Loans at Top Australia Bank
Commonwealth Bank of Australia said generative artificial intelligence tools cut customer losses from scams in half. It has also helped to shorten the process for mortgage pre-approvals to as little as 10 minutes. The technology helped lower frauds by 30% and its AI messaging app trimmed call center customer wait times by 40% this year, the bank said in a statement Thursday. AI may also soon be able to answer some 10% of the trickiest customer inquiries that regular computing responses can't currently handle, the lender said.
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CBA chops fraud with AI
This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. At a strategic update in Sydney, the bank showcased the role technology and AI are playing in delivering a number of improved outcomes for customers, reporting a 50 per cent reduction in customer scam losses, aided by the implementation of ecurity features which use AI, including NameCheck, CallerCheck and CustomerCheck. CBA processes and analyses more than 20 million payments a day. With the aid of GenAI, the Bank is now flagging thousands of transactions that look suspicious and sending 20,000 proactive warning alerts per day to retail customers via the app. The initiative has played a central role in reducing customer-reported fraud by 30 per cent, and the bank will now scale the service to 35,000 proactive alerts a day. CBA CEO Matt Comyn says that AI will play an increasingly important role in delivering customer services in the future. "With more than one in three Australians and almost one in four businesses considering us their main financial institution, we have a huge customer base to serve. Their preferences and expectations continue to shift, and we aim to meet them by delivering distinct, differentiated and compelling propositions. "Technology, and AI in particular, are critical in meeting this ambition. AI allows us to deliver better experiences to more customers at a faster rate, and we're already seeing significant benefits in a variety of use cases." Beyond fraud, the bank is embedding AI across its business, deploying the technology to deliver superior customer-facing messaging services and to significantly speed up loan applications and annual credit reviews.
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Commonwealth Bank of Australia reports significant improvements in fraud prevention and customer service efficiency through the implementation of AI technologies, including a 50% reduction in customer scam losses and faster mortgage pre-approvals.
AI Revolutionizes Banking at Commonwealth Bank of Australia
Commonwealth Bank of Australia (CBA), one of the country's leading financial institutions, has reported significant improvements in its operations and customer service through the implementation of artificial intelligence (AI) technologies. The bank's strategic update in Sydney highlighted how AI is transforming various aspects of its business, from fraud prevention to loan processing 12.
Dramatic Reduction in Fraud and Scams
One of the most notable achievements is the substantial decrease in customer scam losses. CBA reported a 50% reduction in such losses, attributing this success to AI-powered security features including NameCheck, CallerCheck, and CustomerCheck 2. The bank has also seen a 30% reduction in customer-reported fraud, demonstrating the effectiveness of its AI-driven fraud prevention measures 12.
Enhanced Transaction Monitoring and Customer Alerts
CBA processes an impressive 20 million payments daily. Leveraging generative AI, the bank now flags thousands of suspicious transactions and sends out 20,000 proactive warning alerts to retail customers through its app each day. Plans are in place to scale this service to 35,000 daily alerts, further strengthening the bank's fraud prevention capabilities 2.
Streamlined Loan Processing and Customer Service
The implementation of AI has also led to significant improvements in loan processing times. CBA reported that mortgage pre-approvals can now be completed in as little as 10 minutes, a dramatic reduction from previous timeframes 1. Additionally, the bank's AI-powered messaging app has reduced call center wait times by 40% this year, enhancing overall customer service efficiency 1.
Future Prospects and Expanded AI Applications
CBA CEO Matt Comyn emphasized the critical role of AI in meeting evolving customer expectations and delivering superior services. The bank is exploring further applications of AI, including its potential to handle approximately 10% of the most complex customer inquiries that current computing responses cannot address 1.
Broader Implementation Across Business Operations
Beyond fraud prevention and customer service, CBA is integrating AI across various aspects of its operations. The technology is being utilized to improve customer-facing messaging services and to significantly accelerate annual credit reviews 2. This comprehensive approach underscores the bank's commitment to leveraging AI for enhanced operational efficiency and customer satisfaction.
As one of Australia's largest financial institutions, serving one in three Australians and nearly one in four businesses, CBA's successful implementation of AI technologies could set a precedent for the broader banking sector, potentially influencing industry-wide adoption of similar innovations 2.
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