Saturday, June 25, 2022

Slide Slide
Home Artificial Intelligence 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.

Also readCIO News interviews Shri Wangki Lowang, Minister (IT) of Arunachal Pradesh

Do FollowCIO News LinkedIn Account | CIO News Facebook | CIO News Youtube | CIO News Twitter

About us:

CIO News, a proprietary of Mercadeo, produces award-winning content and resources for IT leaders across any industry through print articles and recorded video interviews on topics in the technology sector such as Digital Transformation, Artificial Intelligence (AI), Machine Learning (ML), Cloud, Robotics, Cyber-security, Data, Analytics, SOC, SASE, among other technology topics.

khushbu Soni CIO News Mercadeo
Khushbu Sonihttps://www.cionews.co.in
Chief Editor - CIO News | Founder & CEO - Mercadeo

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -1x1 banner1x1 banner1x1 banner1x1 banner

Most Popular

Digital literacy according to me is a seamless adoption of digital revolution, says Melwyn Rebeiro, Head of IT Security at AEON Credit Service India...

While youth have been at the forefront of technology adoption and will continue to be so, there has been a significant increase in digital...

India’s artificial intelligence investment to be 2.5% of global total in 2023

Firms are increasingly relying on contracting and gig models while focusing on building internal artificial intelligence talent through reskilling and up-skilling India, the world’s second...

Fin-tech start-up Setu acquired by Pine Labs in $70 to 75mn

Post the buyout, the fin-tech start-up, which has 90-100 employees will retain its brand identity, business and team The acquisition of the Bengaluru-based API fin-tech...

Cyber security strategist Dr. Mukesh Mehta joins Monarch Capital as Group CTO

Mehta describes himself as someone who is capable of solving the most critical problems revolving around the IT and the cyber security industries Cyber security...

Recent Comments