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CommBank forms Big Data joint venture

CommBank forms Big Data joint venture

Commonwealth Bank of Australia has formed a joint venture company with data science outfit Quantium to create a suite of product aimed at delivering business decision-making insights to institutional clients.

The new joint venture, which will combine CBA’s transaction data with Quantium’s 18-year track record in data science, will be staffed by fifteen CBA data science professionals and 35 Quantium staff

Named CommBank iQ, the partners says the joint venture will provide rovide reports and AI-based decision engines that use data to automate decision-making, helping organisations act and change based on customer insights.

It will begin trading in the second half of 2021.

Andrew Hinchliff, CBA’s group executive of institutional banking and markets, says: “As Australia’s biggest bank, we see more transactions than any other institution in the country.

“By working in partnership with Quantium, we 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.”

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