CommBank tests AI-powered banking assistant for retail customers

By Aarav Garg

Commonwealth Bank has begun testing CommBank Companion, an AI-powered banking experience designed to help retail and business customers manage finances through a conversational interface within the CommBank app.

The tool is currently being tested with employees and a select group of business banking customers, with a broader consumer pilot expected in the coming weeks. CommBank said the platform is designed to combine customer banking data with AI capabilities to provide personalised financial information and support across budgeting, home buying and cash flow management.

“Australians are telling us they want more control, clarity and confidence in managing their money. With over 9 million customers using the CommBank app every day we are continuing to innovate and improve their experience,” said Angus Sullivan, Group Executive Retail Banking Services. “CommBank Companion is our response – bringing together live spending and saving data into a single experience, so customers can be better informed and manage their money, and act with confidence.”

Customers can ask questions in everyday language and receive responses related to spending, savings, borrowing power, loan repayments and financial planning tools. Business users can also access cash flow insights, historical trends and projections intended to support operational decision-making.

The bank said the platform has been developed within its secure digital banking environment and includes governance, risk management and human oversight processes. CommBank added that Companion is designed to support customer decision-making rather than provide regulated financial advice or make decisions on behalf of users.

The initiative forms part of CommBank’s broader AI strategy focused on improving customer engagement and digital banking experiences. The bank said the platform is supported by its wider investment in security and fraud prevention technologies embedded across its digital services.

Over time, CommBank plans to expand Companion’s business capabilities to include scenario modelling, automated servicing functions and proactive identification of potential cash flow pressures for small businesses.