Commonwealth Bank of Australia said it acquired a minority stake in a Silicon Valley-based artificial intelligence firm, H2O.ai Inc, in a bid to provide smarter and personalised products to its customer base.
CBA, Australia’s biggest lender, said it would partner to use H2O.ai’s cloud-based machine learning platform across its operations to develop AI-based products, giving it a lead against its rivals in designing smart financial products.
“We see broad application for AI and machine learning technology right across our business – in operational processes, protecting customers from fraud, lending decisions, and risk management,” CBA CEO Matt Comyn said.
The lender did not disclose the stake it had acquired in the artificial intelligence firm.
Last week, CBA said it would offer a platform for retail customers to trade cryptocurrencies, becoming the country’s first main-street bank to do so, as it looks to match offerings from rival FinTech firms.
CBA also leads the banking sector’s entry into the fast-growing Buy Now Pay Later sector in an attempt to fend off competition from Afterpay Ltd.
The team at Platform Executive hope you have enjoyed the ‘Australia’s CBA partners with Silicon Valley AI firm H2O.ai‘ article. Automatic translation from English to a growing list of languages via Google AI Cloud Translation. Initial reporting via our official content partners at Thomson Reuters. Reporting by Sameer Manekar in Bengaluru. Editing by Peter Cooney.
You can stay on top of all the latest developments across the platform economy, find solutions to your key challenges and gain access to our problem-solving toolkit and proprietary databases by becoming a member of our growing community. For a limited time, our subscription plans start from just $16 per month.