Commonwealth Bank of Australia began a phased rollout of an artificial-intelligence assistant inside its banking app to selected customers. CommBank Companion provides information about users’ personal and business finances. Chief executive Matt Comyn disclosed the rollout at the bank’s annual meeting on 14 October and called for regulation that builds trust in the technology.
Comyn described AI as potentially the most significant technology shift the bank has seen. Reuters reported that the lender is deploying the technology across its portfolio, particularly in business banking. CBA also introduced an AI-enabled workspace that combines data, tasks and insights for business bankers.
AI ENTERS CUSTOMER BANKING
The bank said Companion is a conversational experience within its existing app rather than a separate service. Its initial rollout is limited to a select customer group, and CBA did not provide a timetable for wider access. The launch tests whether a large retail bank can use account information to provide a more contextual digital interaction.
CBA is also using AI in fraud prevention, including human-sounding bots that engage suspected scammers. The bank said those bots have conducted more than 350,000 conversations since August 2025. It invested more than A$1 billion during the last financial year in protections against fraud, scams, cyber threats and financial crime.
REGULATION AND OVERSIGHT
Comyn said effective regulation should keep pace with adoption, ensure global technology companies comply with Australian law and retain more economic value domestically. CBA’s board said its existing risk-management framework, group AI policy and six responsible-AI principles govern the technology. Generative-AI guardrails also support that framework.
The next practical milestone will be any expansion of Companion beyond the initial customer group. Australia is also preparing wider AI legislation expected in early 2027, according to Reuters. The scope of that law and evidence from the phased rollout will show how CBA balances personalised banking, consumer safeguards and accountability.