Deal will allow further adoption of generative AI and cybersecurity initiatives
The Commonwealth Bank of Australia (CBA) has expanded its partnership with Microsoft by signing a new letter of intent for the wider use of generative AI (gen AI) and continued focus on cybersecurity.
As part of the agreement, CBA and Microsoft will target several areas to improve customer service and safety, including the development of a CommBank Copilot, designed to speed up the resolution of customer queries and aid in financial understanding; sharing intelligence to boost cybersecurity; and tools for business customers to safeguard their operations.
The partnership will also focus on bolstering Australia’s cyber skills to maintain a competitive edge in AI globally, enhancing staff capabilities with gen AI, and fostering engineering excellence through increased collaboration.
Gavin Munroe (pictured left), group executive of technology and chief information officer at CBA, said engineers from Microsoft’s Seattle headquarters had already started working with CBA on a set of experiments with real-life use cases to improve customer experience.
“Working in partnership with Microsoft, alongside other external partners, gives us the opportunity to access the global expertise in a range of areas so we can deliver more for our customers – including the incredibly fast-moving area of generative AI,” Munroe said. “Through our ongoing partnership, we’ll be able to deliver technology that will allow customers to interact with CBA seamlessly and resolve queries faster than ever before.
“We also see this as an opportunity to work together with leading global technology teams to ensure CBA’s safety and security is constantly upgraded and improved, to keep pace with the evolving threat landscape.”
Steven Worrall (pictured right), managing director of Microsoft Australia and New Zealand, expressed enthusiasm about strengthening ties with CommBank, saying the partnership is set to redefine standards in customer and employee experiences, operational efficiency, and innovation.
“Microsoft will continue working closely with CommBank to realise AI’s full potential in line with the bank’s strategy to deliver world-leading digital experiences and technology,” Worrall said. “Our collaboration will also go beyond immediate business outcomes, addressing critical societal challenges through enhanced cybersecurity and sovereign capability development.
“Together, we aim to not only enhance the security posture of CommBank and its customers but also increase Australia’s resilience against evolving cyber threats. This partnership underscores our dedication to fostering a safer, more secure digital environment for all Australians.”
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