Commonwealth Bank Australia
Background
Commonwealth Bank of Australia (CBA), the nation’s largest retail bank serving over 15 million customers, recognised the need to enhance its customer engagement in an increasingly digital landscape. Traditional methods were becoming less effective, prompting CBA to explore innovative solutions to maintain its competitive edge.
Challenge
CBA faced the challenge of delivering personalised, timely, and relevant interactions across multiple channels to a vast customer base. The goal was to transition from a product-centric approach to a customer-centric model, ensuring each customer received tailored experiences that met their unique needs.
Solution
In response, CBA developed the Customer Engagement Engine (CEE), an AI-driven platform designed to enhance customer interactions. The CEE utilised over 450 machine learning models, processing 157 billion data points to deliver personalised experiences across all customer touchpoints.
Implementation
The implementation of the CEE involved:
Data Integration: Consolidating data from various channels to create a unified customer view.
Machine Learning Models: Developing models to analyse customer behavior and predict needs.
Cross-Channel Deployment: Ensuring consistent and personalised interactions across all platforms, including digital and in-person channels.
Results
The deployment of the CEE led to significant improvements:
Enhanced Customer Engagement: Provided personalised experiences, increasing customer satisfaction and loyalty.
Operational Efficiency: Automated routine tasks, allowing staff to focus on complex customer needs.
Financial Performance: Contributed to a strong financial performance, even amid challenges like the global pandemic.
Conclusion
CBA’s integration of AI through the Customer Engagement Engine exemplifies how financial institutions can leverage technology to transform customer service. By adopting a customer-centric approach powered by AI, CBA not only improved customer satisfaction but also achieved operational excellence and robust financial results.