CBA’s implementation of Gen AI in customer messaging is expected to enhance the precision. Credit: ArliftAtoz2205/Shutterstock.

Commonwealth Bank of Australia (CBA) has reported impact of artificial intelligence (AI) on its customer service, reducing scam losses and expedite loan processes.

The bank, which serves over ten million customers, claims to have seen a 50% reduction in scam losses and a 30% decrease in customer-reported frauds, as a result of AI-driven safety features such as NameCheck, CallerCheck, and CustomerCheck.

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CBA further notes that its use of generative artificial intelligence (Gen AI) has been instrumental in analysing over 20 million payments daily, flagging suspicious transactions, and issuing proactive warnings to customers.

This AI initiative has led to a significant drop in fraud reports and is set to expand from 20,000 to 35,000 alerts per day.

Additionally, the bank’s AI-powered app messaging has reduced call centre wait times by 40% in the last financial year.

The bank also showcased potential future AI applications, including automating annual credit reviews for business customers and bankers, which could reduce the time spent from 14 hours to just two hours.

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CBA’s implementation of Gen AI in customer messaging is expected to enhance the precision and speed of customer service responses.

The use of AI in messaging services aims to assist tens of thousands of business customers with immediate, real-time responses, facilitating faster transactions and saving time.

CBA CEO Matt Comyn said: “With more than one in three Australians and almost one in four businesses considering us their main financial institution, we have a huge customer base to serve. Their preferences and expectations continue to shift, and we aim to meet them by delivering distinct, differentiated and compelling propositions.

“Technology, and AI in particular, are critical in meeting this ambition. AI allows us to deliver better experiences to more customers at a faster rate, and we’re already seeing significant benefits in a variety of use cases.”