Commonwealth Bank Claims AI Is Already Improving Efficiency by 30%
Australian Financial Review
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Details
- Date Published
- 6 Feb 2024
- Priority Score
- 2
- Australian
- Yes
- Created
- 8 Mar 2025, 02:41 pm
Description
AI is making the bank’s highly paid staff more efficient by doing some of their boring work, CBA’s tech boss says, while its customers will deal with AI more.
Summary
The article highlights how the Commonwealth Bank of Australia is leveraging artificial intelligence to enhance its efficiency, claiming a 30% improvement in the productivity of its software engineers. This development is significant as it demonstrates the practical integration of AI in large organizational operations, potentially setting a precedent for AI adoption in the banking sector. While the article does not delve deeply into existential or catastrophic risks associated with AI, it reflects ongoing trends in AI deployment within major industries that are crucial to broader discussions on AI governance. The focus remains on business efficiency rather than direct engagement with AI safety or risk mitigation policies.
Body
TechnologyAIPrint articlePaul SmithTechnology editorFeb 6, 2024 – 6.30pmSaveLog inorSubscribeto save articleShareCopy linkCopiedEmailLinkedInTwitterFacebookCopy linkCopiedShare via...Gift this articleSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?LoginThe executive in charge of Commonwealth Bank’s sprawling technology operations says early adoption of artificial intelligence has made its expensive software engineers 30 per cent more efficient.The bank also plans to increase customer interactions with AI.Loading...Paul Smithedits the technology coverage and has been a leading writer on the sector for 20 years. He covers big tech, business use of tech, the fast-growing Australian tech industry and start-ups, telecommunications and national innovation policy.Connect withPaulonTwitter.EmailPaulatpsmith@afr.comSaveLog inorSubscribeto save articleShareCopy linkCopiedEmailLinkedInTwitterFacebookCopy linkCopiedShare via...Gift this articleSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?LoginLicense articleFollow the topics, people and companies that matter to you.Find out moreRead MoreAIBusiness ITEnterprise ITCommonwealth BankMicrosoftMatt ComynBanking productsWorkforce SummitAI SummitAFR LiveFetching latest articlesOlympic weightlifting is hard. This boss uses the 1pc rule to get it doneLucy DeanOut-of-control watch price rises give housing a run for its moneyKnow your craft: How the biggest airlines rate at the pointy end‘We’ll fight’: Alex Waislitz on family battles and bad betsPatrick DurkinJob appointments have never been purely merit-based: CEW chiefWhy this CEO saves creative work for after her periodNew Zealand pops its cork for one of the world’s great wine festivalsMax AllenWhy Hawaii’s data-driven wellness retreat is a haven for high-flyersA last-chance tote bag and a groovy case for trumpetersVictor Smorgon’s star fundie eyes 50pc returns for new fundAlex GluyasForrest family powerbroker had alleged role in big Fortescue decisionsEllison-run garnet mine faces punishment over unsanctioned development