Commonwealth Bank of Australia (CBA) has announced an expanded partnership and investment in Anthropic, an artificial intelligence (AI) research company.
Financial details of the transaction remain undisclosed.
This collaboration aims to leverage Amazon-backed Anthropic’s AI expertise to accelerate AI adoption within CBA, enhancing customer experiences and supporting the bank’s personnel.
CBA said that the partnership will enhance its in-house technology capabilities while supporting focus on key AI use cases.
CBA group chief information officer Gavin Munroe said: “AI is delivering more personalised and intuitive customer experiences today and it holds great potential to reimagine how our customers bank in the future. This enhanced strategic partnership and investment in Anthropic will help our teams to accelerate our AI capability.
“With our shared values and vision, this partnership is also intended to uplift and unlock AI potential for our engineers, who will have an opportunity to work with Anthropic’s AI experts to explore how we can accelerate how we build the products to serve and protect our customers, including how we can further protect customers and communities from scams and fraud.”
Furthermore, the collaboration is expected to grant the company’s technologists direct access to Anthropic’s industry experts, fostering their professional growth while advancing the company’s goal of leading in the development of safe and responsible AI.
In February, CBA extended its alliance with Amazon Web Services (AWS) to enhance its cloud and AI capabilities.
The five-year partnership designated AWS as the preferred cloud provider for the bank.
Anthropic chief financial officer Krishna Rao said: “Our partnership with Commonwealth Bank of Australia through this strategic investment represents a shared commitment to developing AI that is both powerful and creates meaningful value for customers. By combining Anthropic’s advanced AI capabilities with CBA’s deep financial expertise we can create more personalised experiences for customers while maintaining the highest standards for safety and security.”
Earlier this month, Anthropic secured $3.5bn at a $61.5bn post-money valuation in a funding round led by Lightspeed Venture Partners.
Anthropic plans to utilise this investment to develop next-generation AI systems, expand its compute capacity, and deepen research in mechanistic interpretability and alignment.
“CommBank expands AI partnership with Anthropic ” was originally created and published by Retail Banker International, a GlobalData owned brand.
