Advancements in AI talent, innovation, and leadership have driven its rise in the rankings
Commonwealth Bank has been ranked among the top five banks globally for artificial intelligence (AI) maturity, moving up one position and retaining its top spot in the Asia Pacific region, according to the 2024 Evident AI Index.
The Evident AI Index is an independent benchmark that measures AI adoption and performance in the financial services sector. It evaluates 50 major banks across North America, Europe, and APAC, assessing their AI maturity in key areas, including talent, innovation, leadership, and transparency.
Commonwealth Bank is one of 13 banks to have improved its standing in three or more of these categories, with significant progress in talent and innovation. The bank also ranked second globally for leadership in AI.
According to Gavin Munroe (pictured above), Commonwealth Bank’s group executive and chief information officer, the bank’s focus is on integrating technology and AI to improve services for customers and employees.
“We are scaling AI responsibly,” he said. “By investing in our people through improved education, skilling, and tooling in AI, we are unlocking opportunities to provide better customer outcomes, from more personalised and intuitive experiences to more effective fraud and scams detection.
“We’re pleased to see the capability of our world-class people recognised by Evident AI. Generative AI offers new potential to innovate to anticipate our customers’ needs and exceed their expectations.”
The 2024 Evident AI Index shows that while North American banks continue to lead in AI development, banks in APAC and Europe, such as Commonwealth Bank, are closing the gap.
Commonwealth Bank said it continues to invest in AI to enhance both customer experience and operational efficiency. This includes initiatives like the “AI for All” microlearning program to boost AI education among employees, a partnership with AWS to develop an AI Factory, and tools such as ChatIT to streamline internal IT processes.
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