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Investing.com-- Commonwealth Bank of Australia (ASX:CBA) on Wednesday announced a multi-year partnership with U.S. artificial intelligence firm OpenAI to deploy advanced generative AI tools for customers and employees, making it OpenAI’s strategic banking partner in Australia.
The lender said engineers from both companies will collaborate on AI solutions aimed at strengthening scam and fraud detection and providing more personalised services.
CBA staff will gain access to OpenAI’s enterprise-grade ChatGPT platform, alongside training and upskilling programmes to boost AI capability and ensure responsible use.
OpenAI Chief Executive Sam Altman said the tie-up would put advanced AI “into the hands of more Australians” and help make it more impactful for people and businesses nationwide.
Separately, the bank reported a record full-year profit on Wednesday but saw its shares decline more than 5% to a three-month low on valuation concerns and reliance on volatile trading income.