Microsoft and Commonwealth Bank announce new AI initiatives
Cybersecurity and artificial intelligence are key pillars of the new “letter of understanding” between the two.
The Commonwealth Bank of Australia and Microsoft have signed a new letter of understanding, deepening the technical alliance between the financial institute and the technology giant.
The letter brings the pair together in an expanded partnership and outlines a number of customer benefits based on further integration of AI and boosting cybersecurity.
The CBA is developing a CommBank Copilot to help customer inquiries be answered more quickly and a suite of enterprise cybersecurity tools. The letter of intent also outlines plans to boost sovereign cyber and AI skills while developing more Copilot applications to boost internal team productivity.
Finally, engineering teams from both companies will collaborate on other customer-facing AI solutions.
Gavin Munroe, CBA’s group technology executive and group CIO, said teams are already working on scenarios based on real-world use cases.
“Working in partnership with Microsoft, along with other external partners, gives us the opportunity to access global expertise in a variety of areas so we can deliver more to our customers, including the incredibly fast-moving area of generative AI,” he said. Munroe in a statement.
“Through our continued partnership, we will be able to offer technology that will allow customers to interact with CBA seamlessly and resolve queries faster than ever. “We also see this as an opportunity to work alongside world-leading technology teams to ensure CBA security is constantly updated and improved to keep up with the evolving threat landscape.”
Steven Worrall, managing director of Microsoft Australia and New Zealand, is equally optimistic about what the partnership can deliver.
“We are very excited to strengthen our partnership with CommBank, helping it set new benchmarks in customer and employee experiences, operational efficiency and innovation,” Worrall said.
“Microsoft will continue to work closely with CommBank to realize the full potential of AI in line with the bank’s strategy to deliver world-leading digital experiences and technology.”
