CosmicTaco

AI Boosts Efficiency and Cuts Fraud at Commonwealth Bank

CosmicTaco · 2024-12-02T09:36:11.224721+05:30

- 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](https://www.bloomberg.com/news/articles/2024-11-28/ai-cuts-scam-losses-speeds-up-home-loans-at-top-australia-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