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- Commonwealth Bank (CBA) announces a minority stake in a global Artificial Intellegence (AI) leader, H20.ai
- H20.ai runs a cloud-based AI system specialising in solving “complex business problems and accelerating the discovery of new ideas”
- The AI company is based out of the Silicon Valley and offers a range of AI assistance across multiple industries
- According to the CBA statement, the bank is the Australian hub for H20.ai in addition to being the exclusive financial partner for the AI giant
- Commonwealth Bank trades at $109.33 after falling slightly by 0.35 per cent
Commonwealth Bank (CBA) has announced a minority stake in a global Artificial Intelligence (AI) leader, H20.ai.
H20.ai runs a cloud-based AI system specialising in solving “complex business problems and accelerating the discovery of new ideas”.
The AI company is based out of Silicon Valley and offers a range of AI assistance across different industries.
H2O.ai Founder and CEO Sri Ambati said the vision is not only to make CBA an AI superpower but make Australia an AI nation.
“This strategic partnership between the leading global AI Cloud movement and Australia’s largest bank will unleash the juggernaut of co-innovation in AI for Payments and further democratise AI with trust and freedom,” he said.
Commonwealth Bank CEO Matt Comyn said partnering with the AI giant would differentiate the company from other financial institutions by gearing the experience to the consumer needs.
“This partnership will accelerate our ability to deliver a broader customer proposition through more personalised experiences, which delivers greater value for our customers,” he said.
CBA will incorporate the AI cloud system through the entire company and plans to employ data scientists, data engineers and those alike to continue improving the calibre of its services.
CBA Chief Data and Analytics Officer Dr Andrew McMullen said H20.ai will help customers predict costs and bills.
“H2O.ai will also help us to better predict bills and forecast cash flows for both retail and business customers so they can plan ahead,” Dr McMullen said.
“Customers want to be in control, and through the combination of our award winning app, powered by artificial intelligence, we can deliver products and services in the moment to manage unexpected expenses or irregular incomes.”
According to the CBA statement, the bank is the Australian hub for H20.ai in addition to being the exclusive financial partner for the AI giant.
The partnership comes at the right time as AI’s presence in the finance sector helps Australia transition out of a pandemic economy.
Commonwealth Bank traded at $109.33 after falling slightly by 0.35 per cent at 13.10 AEDT.
