Commonwealth Bank becomes the first Australian bank to release a report outlining how it is ideating, developing, deploying and managing Artificial Intelligence (AI) at an organisational level with a focus on responsible practices. The report explores the Bank’s approach to AI, its journey over the past decade, and practical examples of AI in action across the organisation.

These include using AI to help protect customers from fraud and scams, strengthen cyber security, enhance customer experiences and detect abuse in transaction descriptions.

AI is reshaping industries and has the potential to deliver significant economic benefits for Australia, with industry estimates suggesting AI could add $45 billion to $115 billion a year to the economy by 2030.

Recognising this opportunity, the Australian Government’s National AI Plan highlights the important role business plays in adopting AI responsibly.

Commonwealth Bank CEO Matt Comyn said the report aims to share what the Bank has learned in adopting AI and managing associated risks.

“We’ve heard that stakeholders want to better understand how AI is being used across the Bank and our approach to managing the risks associated with its adoption. This report outlines our progress and the safeguards we have in place to support responsible use.”

“To realise the full potential of AI, we must work together to build capability, foster innovation and support responsible adoption. We aim to share our knowledge as we navigate this rapidly evolving landscape,” Mr Comyn said.

“Our people are central to delivering for our customers, which is why we’re expanding skilling programs to build confidence and capability.”

Executive General Manager and lead on the Report Alex Matthews said CBA sees significant opportunities with AI but is equally mindful of the risks.

“As Australia’s largest bank, trust is fundamental to how we use AI. Our approach is focused on our risk management foundations and guided by our AI principles.”

“Banking technology has evolved significantly in the past 30 years, and we are using AI to help reduce scams and fraud, protect against phishing, and deliver more tailored and relevant experiences for our customers.

“We recognise the importance of collaboration with government, universities and business to foster innovation, build capability and support the responsible adoption of AI. We will continue to refine our approach as the technology evolves,” Mr Matthews said.

As part of this commitment, CommBank this week also launched a longitudinal research initiative developed with Melbourne Business School to better understand how Australians perceive, use and trust AI in banking over time.