AI Boosts Efficiency and Cuts Fraud at Commonwealth Bank

• Commonwealth Bank of Australia reports a 30% reduction in fraud and a 40% decrease in call center wait times due to generative AI tools.
• Mortgage pre-approvals now take as little as 10 minutes; 50+ AI use cases in development.
• AI helps issue daily suspicious activity alerts, potentially increasing from 20,000 to 35,000.

Source: Bloomberg