Speaking at the Commonwealth Bank’s annual general meeting today, chair Paul O’Malley outlined the bank’s pivot to using AI, saying CBA had to “stay at the forefront of where technology is evolving”. Yet he added the AI companies would have to prove their ESG credentials.
AI “does not get a free buy on environmental issues”, warned O’Malley, noting that the technology had to use clean energy and water “in the context of Australia’s water governance and rules”.
The CBA chair said AI had to be “fair” and “transparent”, “reliable and safe and accountable” and that any advanced technology had to respect customers’ privacy and security.
O’Malley said that while more AI would appear over time, “ it can’t replace the humanity we use to engage with our customers”.
AI partnership with The University of Adelaide
Last month, CBA announced a five-year strategic partnership with The University of Adelaide to advance AI research and capability.
The partners will establish the CommBank Centre for Foundational AI to further enhance the university’s Australian Institute for Machine Learning (AIML) research and education offerings.
The centre aims to keep Australia at the forefront of foundational machine learning and AI innovation, creating a competitive edge in harnessing AI technology and fostering foundational research into new machine learning methods while exploring real-world application in finance and other industries.
This research could unlock further improvements to fraud detection to keep CommBank customers' money and data safe while identifying new ways to create personalised and secure banking experiences.
Objectives
Key objectives of the partnership include:
Attracting top AI talent to Australia - Leading AI researchers will be recruited to the centre and CBA through hybrid appointments, which will combine academic rigour with industry relevance.
Research and publications - Generating high-impact research publications and sharing findings that will contribute to the global body of knowledge in AI.
Industry-academia collaboration - Facilitating knowledge transfer through internships, workshops and seminars, promoting a symbiotic relationship between industry needs and academic research.
Building AI capability in Australia - Foundational researchers are at the heart of any connected tech and innovation ecosystem.