AI helps Commonwealth Bank of Australia reduce fraud and speed up services

Commonwealth Bank of Australia has successfully implemented AI tools that have cut customer scam losses by 50% and reduced fraud by 30%, according to a report by Harry Brumpton for Bloomberg. The bank’s AI solutions have also shortened mortgage pre-approval times to just 10 minutes and decreased call center wait times by 40%. CEO Matt Comyn revealed that the bank has developed over 50 AI use cases, with the technology now processing over 20 million daily payments and generating 20,000 suspicious activity alerts. The system is expected to increase its daily warning alerts to 35,000 and can handle complex customer inquiries that traditional computing systems cannot process. The bank is also using AI to streamline document preparation for existing customers, reducing small business annual review times from 14 hours to two hours.