The Commonwealth Bank has announced its new joint venture with data brokerage and analytics company Quantium.
Called CommBank iQ, the venture combines data capabilities from both CBA and Quantium to produce insights that can help CBA’s clients deliver better products and services to their customers.
It will provide reports and AI-based decision engines that use data to automate decision-making, helping organisations act and change based on customer insights, the bank said in a statement.
It is set to begin trading in the second half of 2021.
CBA’s group executive of institutional banking and markets Andrew Hinchliff said the bank can “harness the power of this peerless dataset to help Australian governments, businesses, 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 better able to quickly identify and respond to both complex problems and significant growth opportunities,"he said.
Fifteen CBA data science professionals and 35 Quantium staff will work on CommBank iQ.
All transaction data handled by Commbank iQ will be aggregated and de-identified using best practice techniques, the bank said.
Quantium will also be contributing its data tech stack, which incorporates its own blend of technologies and an algorithm library.
Quantium CEO Adam Driussi said this company was “delighted to establish a long-term joint venture with CBA”.
Driussi said the partnership will deliver an “unmatched combination" of an Australian "de-identified customer spend dataset and Quantium’s world-class data science capabilities.”
“Commbank iQ’s experienced consultants will also offer the commercial skills and sector experience to identify and unlock hidden value for a wide range of institutions,” said Driussi.
The news comes as Woolworths recently lifted its stake in Quantium to 75 percent.
