Artificial Intelligence: Australia’s CBA acquires minority stake in H2O.ai Inc.

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Artificial Intelligence: Australia’s CBA acquires minority stake in H2O.ai Inc.
Artificial Intelligence: Australia’s CBA acquires minority stake in H2O.ai Inc.

To develop artificial intelligence-based products, CBA, Australia’s biggest lender, said it would partner to use H2O.ai’s cloud-based machine learning platform across its operations, giving it a lead against its rivals in designing smart financial products

Commonwealth Bank of Australia (CBA) said on Monday, in a bid to provide smarter and personalised products to its customer base, it acquired a minority stake in a Silicon Valley-based artificial intelligence (AI) firm, H2O.ai Inc.

To develop artificial intelligence based products, CBA, Australia’s biggest lender, said it would partner to use H2O.ai’s cloud-based machine learning platform across its operations, giving it a lead against its rivals in designing smart financial products.

“We see broad application for AI and machine learning technology right across our business – in operational processes, protecting customers from fraud, lending decisions, and risk management”, said Matt Comyn, Chief Executive of CBA.

The lender did not disclose the stake it had acquired in the artificial intelligence firm.

Last week, CBA said, as it looks to match offerings from rival fin-tech firms, it would offer a platform for retail customers to trade crypto-currencies, becoming the country’s first main-street bank to do so.

In an attempt to fend off competition from Afterpay Ltd, CBA also leads the banking sector’s entry into the fast-growing Buy Now Pay Later sector.

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