Product details

By continuing to use our site you consent to the use of cookies as described in our privacy policy unless you have disabled them.
You can change your cookie settings at any time but parts of our site will not function correctly without them.

Abstract

As Commonwealth Bank CEO Matt Comyn delivered the full financial year results in August 2021 over video conference, it took less than two minutes for him to make his first mention of the organization's Customer Engagement Engine (CEE), the AI-driven customer experience platform. With full cross-channel integration, CEE operated using 450 machine learning models that learned from a total of 157 billion data points. Against the backdrop of a once-in-a-century global pandemic, CEE had helped the Group deliver a strong financial performance while also supporting customers with assistance packages designed in response to the coronavirus outbreak. This case explores how Commonwealth Bank transformed its customers' experience capabilities, from a multi-channel, product-focused approach, to a single channel customer-centric approach that was enabled by the increased availability and standardization of data and Artificial Intelligence (AI). Leadership at the bank made key investments in data and infrastructure but success would also depend on continued drive from leadership, buy-in from frontline staff, and a reliable team of passionate and knowledgeable data professionals. How did Comyn bring his vision to life: to deliver better outcomes through a new approach to customer-centricity? How did he and his team overcome internal resistance, data sharing barriers, and requirements for technical capabilities?
Location:
Size:
> 1 billion; Fortune 500
Other setting(s):
2015-2021

About

Abstract

As Commonwealth Bank CEO Matt Comyn delivered the full financial year results in August 2021 over video conference, it took less than two minutes for him to make his first mention of the organization's Customer Engagement Engine (CEE), the AI-driven customer experience platform. With full cross-channel integration, CEE operated using 450 machine learning models that learned from a total of 157 billion data points. Against the backdrop of a once-in-a-century global pandemic, CEE had helped the Group deliver a strong financial performance while also supporting customers with assistance packages designed in response to the coronavirus outbreak. This case explores how Commonwealth Bank transformed its customers' experience capabilities, from a multi-channel, product-focused approach, to a single channel customer-centric approach that was enabled by the increased availability and standardization of data and Artificial Intelligence (AI). Leadership at the bank made key investments in data and infrastructure but success would also depend on continued drive from leadership, buy-in from frontline staff, and a reliable team of passionate and knowledgeable data professionals. How did Comyn bring his vision to life: to deliver better outcomes through a new approach to customer-centricity? How did he and his team overcome internal resistance, data sharing barriers, and requirements for technical capabilities?

Settings

Location:
Size:
> 1 billion; Fortune 500
Other setting(s):
2015-2021

Related