CommBank Teams Up with OpenAI to Roll Out Advanced AI Tools

The multi-year partnership will focus on AI-driven fraud prevention, customer experience, and workforce upskilling.

The OpenAI logo is seen on a mobile phone in front of a computer screen with random binary data, in Boston on March 9, 2023. Michael Dwyer/AP Photo

Commonwealth Bank of Australia (CommBank) has entered a multi-year partnership with U.S.-based artificial intelligence leader OpenAI, becoming its strategic banking partner in Australia.

The collaboration will focus on using advanced AI solutions to improve scam and fraud detection and deliver more personalised customer services.

Under the arrangement, engineers from both organisations will work together to develop and trial generative AI applications tailored to the banking sector.

CommBank employees will progressively gain access to OpenAI’s enterprise-grade AI platform, ChatGPT Enterprise. There will also be training and upskilling programs to improve the workforce skills to work with AI responsibly.

“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,” CommBank CEO Matt Comyn said.

The sign of the Commonwealth Bank is seen at one of its branches in Melbourne, Australia, on Aug. 8, 2018. William West/AFP via Getty Images

AI Tools for Staff and Customers

Comyn said giving employees advanced AI tools was central to the partnership.

“We will continue to invest in our people and their AI proficiency so they can better support our customers, while building their skills and experience,” he added.

OpenAI CEO Sam Altman welcomed the collaboration.

“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,” he said.

The bank has identified scam detection as a key early focus area for AI integration, given the rising prevalence of sophisticated fraud schemes targeting Australian consumers.

Public Trust and AI Challenges

The announcement comes amid broader public debate about AI use in media, business, and government.

A Nielsen survey found that 87 percent of AI users report moderate to high trust in AI tools, but transparency remains a decisive factor in public acceptance.

Awareness of AI in content creation and advertising drops to 69 percent, and once audiences identify AI-generated material, 55 percent say they feel uncomfortable.

Concerns extend beyond transparency.

A Prosper Insights & Analytics survey found 53.8 percent of respondents worry about data privacy, 37.8 percent stress the need for human oversight, and 34.2 percent are concerned about misinformation from AI tools.

Job displacement fears were cited by 29.1 percent.

A 2024 publication by the International Monetary Fund (IMF) said that college-educated people are the most likely to be required to interact with AI in their roles.

Overall, 60 percent of jobs in advanced economies are exposed to AI, of which the IMF believes half will be negatively affected.