CommBank has commenced testing a new conversational AI interface within its daily banking application.
The tool is designed to support and inform customer decision-making regarding their everyday money and business finances.
Named CommBank Companion, the tool integrates live customer data to answer financial queries. It is currently being trialled with employees and selected business banking clients prior to a wider release.
Retail and business testing
During the testing phase, retail users can interact with the system using everyday language to explore holiday budgets, check subscriptions, and evaluate property affordability based on a 20% deposit.
For commercial users, the pilot currently offers visibility into real-time cash flow trends and simple projections.
“Australians are telling us they want more control, clarity and confidence in managing their money,”
said Angus Sullivan, Group Executive of Retail Banking Services at CommBank.
Sullivan noted that the bank will expand the pilot to personal banking customers before a broader public rollout.
Over time, CommBank intends for the interface to help small businesses model expansion scenarios and check optimal staffing schedules.
Future updates will also let business owners benchmark expenses against similar local businesses and handle administrative tasks, such as reordering statements, with access to human support if required.
Security and guardrails
The interface was developed by the bank’s internal engineering and data science teams to operate within its secure app environment.
CommBank reports that the application serves over nine million daily users who log in an average of 1.4 times per day.
The bank stated that the tool includes built-in human oversight and strict guardrails to inform rather than replace customer judgement.
It does not provide regulatory financial advice, offer credit assistance on regulated products, or make decisions on behalf of users.
Featured image credit: Edited by Fintech News Australia, based on image by defstock via Magnific
