This appeared last week.
CBA racks up "50-plus" GenAI use cases across the bank
By Ry Crozier
Feb 14 2024 2:02PM
Via experimentation environment set up last May.
Commonwealth Bank created 50-plus generative AI use cases using a safe environment it set up for experimentation in May last year.
The bank revealed the large-scale growth and usage in ancillary slides [pdf] accompanying its half-year results presentation, though did not directly address the success.
CBA said that it had practiced “responsible scaling of AI, resulting in [the] 50-plus generative AI use cases to simplify operational processes and support our frontline to serve customers” materialising between June and November last year.
These use cases, it said, were generated out of CommBank Gen.ai Studio, an H2O.ai powered environment aimed at enabling safe experimentation with large language models (LLMs).
The bank said it had also “upskilled over 500 staff on AI tools to democratise the responsible use of AI”.
In addition, CBA suggested that generative AI is enabling it to experiment more with its long-running next best conversation (NBC) engine, known as the customer engagement engine or CEE.
The CEE is used to personalise conversations and offers to customers - CEO Matt Comyn told financial analysts that, for example, the bank had recently used CEE to make “personalised pricing offers” to home loan customers coming off a fixed-rate loan.
Though somewhat cryptic, CBA indicated it had seen a “30x increase in experimentation capability within an NBC compared to [the] current CEE A/B testing framework with GenAI.”
iTnews has contacted a CBA spokesperson to clarify the findings.
Tech drives up OpEx
CBA said that continued insourcing of IT capabilities and cloud contributed to higher operating expenses in the back half of last year, but these were “more than offset” by productivity benefits.
The company’s half-year results for the six months ended December 30 showed a familiar pattern of IT and cloud’s contribution to the bank’s operating expenses.
More here:
https://www.itnews.com.au/news/cba-racks-up-50-plus-genai-use-cases-across-the-bank-605089
I guess the CBA is the toppest ‘top end of town’ you can find. AI has clearly hit the big time as a technology to be considered and reviewed!
David.
1 comment:
The Chief Data and Analytics Officer of Commonwealth Bank of Australia sits on the Board. Looking at the published material the company certainly see profit in further automation of the banking system especially with self-service customer products. “AI” seems to be a generic term for data analytics and machine learning with statistics. All good but in scheme of this technology, the articles is a bunch of cheap tricks
Partnering with H2O.ai, we've been able to leverage 49 of the best large language models (LLMs) that exist globally today," he said.
This offered "a safe and secure way" to experiment with LLMs "to improve the service experience for our customers."
"Our partners H2O have actually gone on-record to say that they believe this is the first example in financial services globally of a ground-up, in-built generative AI studio," McMullan said.
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