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Cyber security and artificial intelligence are key planks of the new “letter of understanding” between the pair.
The Commonwealth Bank of Australia and Microsoft have signed a new letter of understanding, deepening the technical alliance between the financial institute and tech giant.
The letter brings the pair closer in an extended partnership and outlines a swathe of customer benefits based on greater integration of AI and boosting cyber security.
The CBA is developing a CommBank Copilot to help customer queries get answered faster and a suite of business cyber security tools. The letter of intent also outlines plans to boost sovereign cyber and AI skills while developing more Copilot applications to boost internal team productivity.
Lastly, engineering teams from both companies will collaborate on further customer-driven AI solutions.
Gavin Munroe, CBA’s group executive for technology and group chief information officer, said the teams are already working on situations based on real-world use cases.
“Working in partnership with Microsoft, alongside other external partners, gives us the opportunity to access the global expertise in a range of areas so we can deliver more for our customers – including the incredibly fast-moving area of generative AI,” Munroe said in a statement.
“Through our ongoing partnership, we’ll be able to deliver technology that will allow customers to interact with CBA seamlessly and resolve queries faster than ever before. We also see this as an opportunity to work together with leading global technology teams to ensure CBA’s safety and security is constantly upgraded and improved to keep pace with the evolving threat landscape.”
Steven Worrall, managing director at Microsoft Australia and New Zealand, is similarly bullish about what the partnership can deliver.
“We are very excited to strengthen our partnership with CommBank, helping it set new benchmarks in customer and employee experiences, operational efficiency and innovation,” Worrall said.
“Microsoft will continue working closely with CommBank to realise AI’s full potential in line with the bank’s strategy to deliver world-leading digital experiences and technology.”
David Hollingworth has been writing about technology for over 20 years, and has worked for a range of print and online titles in his career. He is enjoying getting to grips with cyber security, especially when it lets him talk about Lego.
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