AI Tools Cuts Scam Losses, Speeds Up Home Loans at Top Australia Bank
Nov 30, 2024 - news.bensbites.com
The Commonwealth Bank of Australia has reported that the use of generative artificial intelligence tools has significantly improved its operations. The bank stated that these tools have halved customer losses from scams, reduced mortgage pre-approval times to as little as 10 minutes, and decreased fraud by 30%. Additionally, the bank's AI messaging app has reduced call center customer wait times by 40% this year.
The bank also anticipates that AI will soon be able to handle 10% of the most complex customer inquiries that cannot currently be addressed by regular computing responses. This indicates the potential for further improvements in customer service and operational efficiency through the continued integration of AI technology.
Key takeaways:
Commonwealth Bank of Australia reports that generative artificial intelligence tools have halved customer losses from scams.
The AI technology has also expedited the mortgage pre-approval process to as little as 10 minutes.
The bank's AI messaging app has reduced call center customer wait times by 40% this year.
AI may soon be capable of answering 10% of the most complex customer inquiries that regular computing responses cannot currently handle.
