The Commonwealth Bank of Australia (CBA) has announced a new joint venture that will provide “quick, up-to-date and relevant data insights.”
Alongside data science company Quantium, Yellow Bank has launched CommBank iQ. The initiative, which will become an independent business in late 2021, claims to combine Australia’s largest pool of transaction data.
The pair will create a suite of data-driven products supported by Commbank iQ, automating decision-making where possible, helping institutions move from insight to action with unprecedented speed and accuracy. “.
The new initiative will help key Australian institutions drive the country’s economic recovery and transition through the “strong insights” that the platform creates, according to executives from the Commonwealth Bank Group of Institutional Banks and Markets Andrew Hinchliff. ..
“As Australia’s largest bank, we see more transactions than any other Australian institution,” he said. “By working with Quantium, we can harness the power of this unparalleled dataset to help Australian governments, businesses, investors and NGOs anticipate and adapt to the changing needs and wants of their customers. I will.
“In short, CommBank iQ helps Australian financial institutions become more customer-centric and quickly identify and respond to both complex issues and key growth opportunities.”
Hinchliff added that the new company will apply “best practices” data ethics and governance standards, and all transaction data processed by CommbankiQ will be aggregated and fully anonymized.
New businesses are expected to offer a variety of services, including insight reports, decision support tools, examples of AI decision engines, and more. Some consultants provide commercial skills to their clients.
Both CBA and Quantium will contribute to the founding team members of the joint venture, and Quantium will also contribute to the big data technology stack.
In the first half of this year, the CBA recorded A $ 4.9 billion in statutory net profit after tax.
More from the yellow bank
Australia’s Best Digital Experience, No Bar: Commonwealth Bank CEO’s Promise
Matt Comyn said his bank plans to send almost any application to an “integrated cloud installation.”
Commonwealth Bank uses emergency service data to find vulnerable customers
It uses algorithms to monitor the combination of data points from official emergency sources and weather alert systems to provide support to customers affected by natural disasters.
Commonwealth Bank’s revamped digital strategy to focus on the power of AI
The bank also scooped up the hospitality cloud platform Doshii and celebrated the year of its venture division, X15 Ventures.
Commonwealth Bank doubles data trawl net for new businesses
Source link Commonwealth Bank doubles data trawl net for new businesses