Commonwealth Bank has been named the #1 Asia Pacific bank and ranked sixth globally in the Evident AI Index for banks, a global standard benchmark of Artificial Intelligence (AI) maturity.
CBA was also ranked joint #1 globally for its responsible AI leadership.
The Index was released in November 2023 and covers 50 of the largest banks in North America, Europe and Asia Pacific, and assesses four key areas (talent, innovation, leadership and transparency).
Gavin Munroe, CBA Group Chief Information Officer, said: “It’s the first time the index has featured banks from Asia Pacific. By taking a leadership role in AI we’re committed to bringing AI safely and ethically to make things better for customers and our people, as well as communities across Australia.”
Alexandra Mousavizadeh, Co-Founder and CEO of Evident, said: “Given the pace of AI adoption, it’s vital that we’re able to track AI maturity across the banking sector, helping institutions harness the power of emerging technologies with openness and transparency, and sharing best practice so that all banks can remain competitive in the AI age.
“We congratulate CommBank for performing so strongly across both the Leadership and Transparency pillars. The institution has been an industry leader in how it has coordinated and communicated its AI strategy.”
AI has been a core strategic focus for CBA for a number of years.
Mr Munroe said: “Growing our use of AI responsibly has been a core strategic focus and it is pleasing to see us ranking joint first globally for responsible AI leadership.
“With recent advances in generative AI promising significant uplifts in improving customer experience and simplifying core operational processes, it is vital we continue to scale these approaches in a safe and responsible way.”
Other relevant AI developments at CBA
- In a world-first, CBA recently shared its AI model to help reduce technology-facilitated abuse internationally, for no cost.
- CBA is one of six organisations that has been working with the government since 2019 to better drive the adoption of ethical and responsible AI in Australia.
- The Bank entered into a strategic partnership with global AI leader H2O.ai in 2021.
About Evident AI Index Rankings
- Since launching in January 2023, the Evident AI Index has quickly become established as the leading independent source of data and insight on AI adoption across the banking industry.
- The Evident AI Index assesses the AI maturity of 50 of the world’s largest banks, with a minimum eligibility criterion of USD 200 billion in total assets.
- It combines extensive manual research, automated data capture from public sources, consultation across Evident’s network of AI experts, and ongoing dialogue with the featured banks.
- Drawing from millions of public data points spanning 115 individual indicators, it ranks each bank across four key capability areas – Talent, Innovation, Leadership and Transparency.
