Commonwealth Bank of Australia (CommBank) has entered into a strategic partnership with OpenAI to explore cutting edge generative AI-enabled banking services for customers.

This collaboration aims to enhance AI solutions for both customers and employees over a multi-year period.

As part of this initiative, CommBank will become OpenAI’s designated banking partner in Australia.

Engineers from both organisations will collaborate to investigate generative AI technologies, focusing on improving the detection of scams and fraud while also providing more tailored services to CommBank’s clientele.

OpenAI CEO Sam Altman said: “CommBank is one of Australia’s largest institutions, serving millions of people and businesses every day.

“We’re excited to work together to put advanced AI into the hands of more Australians, making it more useful and impactful for people and businesses across the country.”

In addition, CommBank employees will gradually gain access to OpenAI’s advanced AI resources, including the enterprise version of ChatGPT.

The bank is also committing to extensive training and upskilling programmes to bolster AI capabilities and ensure the responsible application of AI throughout its workforce.

Commonwealth Bank CEO Matt Comyn said: “To be globally competitive, Australia must embrace this new era of rapid technological change.

“Our strategic partnership with OpenAI reflects our commitment to bringing world class capabilities to Australia, and exploring how AI can enhance customer experiences, better protect our customers, and unlock new opportunities for Australian businesses.”

Recently, CommBank introduced two initiatives to enhance customer protection against scams.

The initiatives include a Generative AI scam detection tool integrated into the Truyu app and an improved security feature within in the CommBank app for easier online card transaction verification.