Commonwealth Bank (CommBank) has entered into a multi-year strategic partnership with OpenAI.

This collaboration positions CommBank as OpenAI's strategic banking partner within Australia.

The partnership will focus on leveraging generative AI technologies to enhance scam and fraud detection capabilities, as well as to deliver more personalised services to CommBank's customers. Additionally, CommBank employees will gain access to OpenAI's suite of AI tools, including ChatGPT Enterprise, as part of this initiative.

CommBank is also investing in training and upskilling programs to bolster AI capabilities among its workforce. This move is intended to ensure that employees are equipped with the necessary skills to effectively utilise these advanced AI tools.

Commonwealth Bank CEO Matt Comyn stated, "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."

Comyn added, "Equipping our people with the most advanced AI tools and capability is a key objective of this strategic 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."

OpenAI CEO Sam Altman noted, "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."