Australia’s Commonwealth Bank reports that the early adoption of generative AI (GenAI) has significantly reduced fraud rates.
During a strategic update in Sydney, the bank highlighted how technology and AI are enhancing customer outcomes, with a notable 50% decrease in customer scam losses. This improvement is attributed to the implementation of advanced security features utilizing AI technologies, such as NameCheck, CallerCheck, and CustomerCheck.
Processing over 20 million payments daily, CBA is now able to identify thousands of potentially suspicious transactions, sending out 20,000 proactive warning alerts to retail customers via the app each day. This initiative has contributed to a 30% reduction in fraud reported by customers, and the bank plans to expand this service to issue 35,000 alerts daily.
CBA CEO Matt Comyn emphasized the growing importance of AI in customer service. “With more than one in three Australians and almost one in four businesses considering us their primary financial institution, we have a vast customer base to support. Their preferences and expectations are constantly evolving, and we strive to meet их by offering unique, distinguished, and appealing solutions,” he stated.
“Technology, and AI in particular, are essential for achieving this goal. AI enables us to provide improved experiences to more customers at a quicker pace, and we are already witnessing significant benefits across various applications.”
In addition to fraud prevention, the bank is integrating AI throughout its operations, using the technology to enhance customer messaging services and to accelerate loan applications and annual credit reviews.