A new joint venture combining Australia’s largest pool of transaction data and the nation’s leading data science capability will deliver powerful insights that help Australian businesses, policy makers and investors shape and drive the country’s future economy.
Commonwealth Bank of Australia (CBA) and Quantium today launched the new partnership, which will combine CBA’s transaction data with Quantium’s 18-year track record in ground-breaking data science.
Named CommBank iQ, the joint venture will provide fast, current, and highly relevant data insights to help institutional clients deliver better products and services for their customers and stakeholders.
It will also create a suite of data-driven products to support and, where possible, automate decision-making to help institutions move from insight to action with unprecedented speed and accuracy.
Andrew Hinchliff, CBA’s Group Executive of Institutional Banking and Markets, said CommBank iQ will help Australia’s leading institutions drive the nation’s economic recovery and transition.
“As Australia’s biggest bank, we see more transactions than any other institution in the country.
“By working in partnership with Quantium, we can harness the power of this peerless dataset to help Australian governments, businesses, investors and NGOs predict and adapt to the changing needs and wants of their customers.
“In short, CommBank iQ will help Australian institutions become more customer centric and better able to quickly identify and respond to both complex problems and significant growth opportunities,” Mr Hinchliff said.
Quantium CEO Adam Driussi, said: “We’re delighted to establish a long-term joint venture with CBA to deliver an unmatchable combination of Australia’s leading de-identified customer spend dataset and Quantium’s world-class data science capabilities.
“Commbank iQ’s experienced consultants will also offer the commercial skills and sector experience to identify and unlock hidden value for a wide range of institutions. It’s a truly exceptional solution that promises to solve challenging problems and create better products and services for Australians,” said Mr Driussi.
Commbank iQ will offer a range of flexible solutions from insights reports to decision support tools and AI decision engines that harness de-identified data to automate decision-making, helping institutions act and deliver real change based on unprecedented customer insights .
Both CBA and Quantium will contribute founding team members to the joint venture, with Quantium also contributing its cutting-edge big data tech stack which incorporates a proprietary blend of technologies and a best-in-class algorithm library.
The joint venture will apply world’s best practice data ethics and governance standards. All transaction data handled by Commbank iQ will be aggregated and fully de-identified using best practice techniques.
The new business will begin trading in the second half of 2021.