Companies say new CommBank iQ division will provide data products and insights to help institutional clients improve their customer game
Commonwealth Bank and Quantium have joined forces to create a new data company in which Customer transaction data and data science functions are used to improve the customer game of institutional customers.
As part of the deal, the couple created a new division, CommBank iQ, designed to provide institutional clients such as governments, NGOs, policy makers and investors with quick, relevant and actionable insights. The division will leverage the wealth of ASX-listed bank’s transactional data that will be de-identified and used collectively to create a range of data-driven products that will aid and automate decision-making between these customers to improve the way they current and emerging Understand and react to the behavior and needs of end customers.
The products are expected to include insight reports, decision support tools, and artificial intelligence (AI) -based decision engines. Both CBA and Quantium are founding members of the joint venture, and Quantium brings the power of its big data tech stack and algorithm library to the work. Both companies are also committed to best practice standards for data ethics and governance.
Andrew Hinchliff, executive of the CBA group on institutional banking and markets, said the organization hopes CommBank iQ will help Australian institutions fuel the country’s economic recovery and transition.
« As Australia’s largest bank, we see more transactions than any other institution in the country, » he said. “By working with Quantium, we can leverage the power of this unparalleled data set to help Australian governments, corporations, investors and NGOs predict and adapt to the changing needs and wants of their customers.
« In short, CommBank iQ will help Australian institutions become more customer-centric and identify and respond more quickly to both complex problems and significant growth opportunities. »
Adam Driussi, CEO of Quantium, was also convinced that the consultants working in the joint venture will provide the commercial skills and industry experience to “identify and unlock hidden values for a large number of institutions”.
« It’s a really extraordinary solution that promises to solve challenging problems and create better products and services for Australians, » he said.
The news comes just weeks after Woolworths increased its stake in Quantium to 75 percent and spent $ 223 million to get a majority stake in the data science business. Woolworths originally acquired a 50 percent stake in Quantium for $ 20 million in 2013.
As part of the latest investment, Woolworths is building a JV department with Quantium called Q-Retail, which will combine the data science and analysis functions that exist in Quantium and Woolworths.
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