The Commonwealth Bank of Australia (CBA) is exploring the application of generative AI to create ‘synthetic customers’ that can replicate human behavior in order to assess reactions to new products and services.
During the South by Southwest event in Sydney, CBA’s Chief Decision Scientist, Dan Jermyn, highlighted that generative AI allows machines to analyze, interpret, and generate new outputs by recognizing patterns. The bank is leveraging this innovative technology to develop customer personas, or ‘synthetic agents,’ utilizing AI-driven chatbots as tools for preliminary experimentation.
Jermyn explained, “By simulating everyday experiences and behaviors, we aim to determine if these generative AI chatbots can provide both qualitative and quantitative insights into how customers might react to various situations, financial challenges, and new offerings.”
He noted that this technology could significantly accelerate the process of presenting better products or services to customers.
Drawing from four decades of insights in behavioral science, Jermyn and his team of AI specialists are initially focusing on how generative AI can be employed to analyze consumer responses in scenarios that traditionally pose challenges for customer research.
“We are investigating how generative AI can be utilized to identify which products and services are most essential during various natural disasters by mimicking customer actions and needs in those critical moments,” Jermyn stated. “Additionally, we are examining how generative AI can enhance our understanding of effective messaging tailored for customers in vulnerable situations, such as during potential scams or in the aftermath of a family loss.”