Commonwealth Bank enters an agreement with OpenAI
In a significant move to strengthen its operations and customer protection measures, Commonwealth Bank (CommBank) has entered into a strategic partnership with OpenAI, the leading artificial intelligence (AI) research and deployment company, to integrate ChatGPT Enterprise into its operations.
The partnership, which is a multi-year commitment, aims to leverage ChatGPT Enterprise’s advanced AI capabilities to significantly enhance CommBank’s operational resilience against fraud and scams. At the same time, it will improve the depth and quality of customer personalization, backed by strong institutional support and an explicit focus on responsible AI use.
Key points supporting this effectiveness include:
- Enhanced fraud detection and scam prevention: CommBank and OpenAI engineers are jointly developing advanced generative AI solutions aimed at improving the detection of scams and fraud in real-time. This cooperation leverages OpenAI’s enterprise-grade AI, which can analyze vast data patterns for suspicious activity more quickly and accurately than traditional systems.
- Customer personalization: The AI tools will help CommBank deliver more tailored banking experiences by analyzing customer data responsibly and providing personalized service options aligned with customer needs. This matches the bank’s focus on responsible innovation with emphasis on customer safety and privacy.
- Wide staff deployment: CommBank has already rolled out ChatGPT Enterprise to nearly 15,000 employees (about 7% of the workforce), with a target of 30,000 users by year-end. This extensive integration suggests strong institutional commitment enabling operational efficiency gains and better service quality at scale.
- Long-term commitment and regulatory alignment: The partnership ensures ongoing cooperation between CommBank and OpenAI engineers to refine AI tools specifically tailored to Australian banking regulations and customer requirements, ensuring trustworthy and compliant usage.
The collaboration comes at a time when scams and cyber threats, including AI-driven scams, are becoming more sophisticated. Embedding advanced AI like ChatGPT Enterprise is a timely and strategic move to strengthen CommBank’s defenses and customer protection measures.
The integration of AI in banking will be watched for measurable improvements in fraud detection and customer service, and how customers respond to the broader use of automation in banking.
In other news, CommBank has also announced a home loan rate cut, reducing variable home loan rates by 0.25 percentage points, matching the Reserve Bank’s latest cash rate reduction. This move could save a borrower with a $700,000 mortgage around $337 a month.
Meanwhile, a public dispute between Elon Musk and Sam Altman over claims Apple favored OpenAI’s apps in its App Store rankings has escalated. Musk's exchange with Altman took an interesting turn when X's AI chatbot, Grok, appeared to side with Altman. However, these developments are not directly related to the CommBank-OpenAI partnership.
According to CommBank's 2025 Annual Report, the bank's cash net profit after tax for the year to 30 June 2025 is $10.25 billion, up 4% on FY24. This impressive growth underscores the bank's strategic moves to stay competitive in the ever-evolving financial landscape.
In conclusion, CommBank's partnership with OpenAI marks a significant step forward in the bank's efforts to improve its operational resilience, customer service, and personalization, all while maintaining a strong focus on responsible AI use and regulatory compliance.
The Commonwealth Bank (CommBank) is leveraging advanced AI capabilities from ChatGPT Enterprise to enhance its operational resilience against fraud and scams, and also improve customer personalization, as part of a long-term commitment in its partnership with OpenAI.
This strategic move towards integrating AI technology in business operations and finance is expected to contribute to measurable improvements in fraud detection and customer service quality, aligning with CommBank's focus on staying competitive and innovative in the financial sector.
