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Why Australia’s Banking Sector Should Watch CBA’s ‘Experiments’ With AI Closely

In its first half of the FY24 report, Commonwealth Bank of Australia announced that, through “responsible scaling of AI,” it has already produced more than 50 generative AI use cases. The bank says that it will simplify operational processes and support new customer experiences. Beneath that dry language, it’s worth paying attention to what CBA is doing with AI because it remains the trendsetter with technology, and its experiments with AI are likely to be transformative, particularly with regard to how banks…