The multi-year deal makes CommBank OpenAI’s first Australian banking partner, with plans to deploy ChatGPT Enterprise, boost scam detection, and upskill staff in AI.
Key Takeaways
- CBA released a statement Wednesday morning confirming it had signed a multi-year deal with the ChatGPT-maker, making its first strategic banking partner in Australia.
- It said the collaboration will focus on applying generative AI to improve scam detection, fraud prevention, and customer personalisation.
- CommBank staff will gain access to ChatGPT Enterprise for internal use, with large-scale AI training programs planned.
- The move follows a broader tech push – CBA invested $2.3 billion in technology in FY25, including over $900 million to combat fraud and cyber threats.
- The partnership comes as CBA reported a $10.25 billion cash profit for FY25 and faces scrutiny after earlier AI-driven job cuts in call centres.
Crucial Quote
“Equipping our people with the most advanced AI tools and capability is a key objective of this strategic partnership,” said Matt Comyn, CEO of Commonwealth Bank.
Key Background
The agreement comes as banks globally look to generative AI to improve customer experience and reduce operational risk. CommBank has been ramping up its AI focus, including sending engineers to work with Amazon and Microsoft in the US.
“To be globally competitive, Australia must embrace this new era of rapid technological change,” Commonwealth Bank CEO Matt Comyn said. “Our strategic partnership with OpenAI reflects our commitment to bringing world class capabilities to Australia, and exploring how AI can enhance customer experiences, better protect our customers, and unlock new opportunities for Australian businesses.”
OpenAI CEO Sam Altman described CommBank as “one of Australia’s largest institutions, serving millions of people and businesses daily.”
“We’re excited to work together to put advanced AI into the hands of more Australians, making it more useful and impactful for people and businesses across the country,” Altman said.
The deal comes in the same week OpenAI released GPT-5, which the company says is about 45% less likely to produce factual errors than its previous GPT-4o model.
The update follows concerns about “hallucinations” instances where AI models generate inaccurate or misleading information – which OpenAI reported occurred 30% to 50% of the time in earlier versions GPT-o3 and o4-mini.
Big Number
$10.25 billion – Commonwealth Bank’s cash net profit after tax for the year to 30 June 2025, up 4% on FY24, according to its 2025 Annual Report.
Contra
The deal with OpenAI comes one day after the bank announced it would cut variable home loan rates by 0.25 percentage points, matching the Reserve Bank’s latest cash rate reduction. It’s the third cut this year, with CBA estimating the combined changes could save a borrower with a $700,000 mortgage around $337 a month.
Tangent
And no AI development seems to escape the attention of the world’s richest man.
Elon Musk was this morning once again engaged in a public dispute with Altman over claims Apple favoured OpenAI’s apps in its App Store rankings.
The exchange escalated when X’s AI chatbot, Grok, appeared to side with Altman, citing reports that Musk had influenced X’s algorithm to boost his own posts. Musk dismissed the claims as false and said the chatbot’s reliance on “legacy media” sources was a “major problem” he intended to fix.
What to watch for
Whether the AI integration leads to measurable improvements in fraud detection and customer service, and how customers respond to the broader use of automation in banking.
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