CBA has used an annual briefing to show off some new tools, including an app set to be used by 8 million Australians. Underpinning it all: generative AI.
At its reimagining banking briefing, a once-a-year showcase of new technology, new products and ultimately new ways to support the group’s rich 2.3-times book valuation, its schmick presentation was two parts tech, one part banking.
It was a statement from CBA: Australia’s biggest and most expensive bank is early on the AI scene, and has invested a lot of time, talent and money trying to make the most of the bank’s data set. CBA is not a traditional tech stock, but it has runs on the board at a time when companies of all shapes and sizes and across all industries are thinking about how the technology could be used to protect legacy businesses, improve traditional practices and customer service, and ultimately make more money for shareholders.
“And then you have to do the work on the model, training the model, and thinking about some of the broader applicability, some of which we might do ourselves, some of which we will look to partner with people like Microsoft.” That board-down approach will resonate with the big room full of fund managers who were at the Macquarie Australia Conference this month and listened to keynote speaker and AI expert Michael Kollo.
“I wouldn’t underestimate how much time people spend in any organisation looking for information material, and I think there’s the potential to make that simpler,” he said.
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