CBA joins with Quantium to launch data insights partnership
Commonwealth Bank of Australia (CBA) has partnered with data science provider Quantium to launch Commbank iQ, a service that will combine CBA’s transaction data with Quantium’s data science and insights.
Commbank iQ will provide relevant and fast data insights for clients, and also create a suite of data-driven products to support and automate decision-making to help institutions take action on insights in a timely manner.
CBA group executive of institutional banking and markets, Andrew Hinchliff,
The new venture will start trading in the second half of 2021, and CBA group executive of institutional banking and markets, Andrew Hinchliff, said the service will assist 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.
Once up-and-running Commbank iQ will offer solutions ranging from insight reports to decision support tools and AI decision engines that harness de-identified data to automate decision-making.
CBA revealed that both it and Quantium will contribute founding team members to the joint venture, while Quantium will also contribute its data stack.
Quantium CEO Adam Driussi, said: “We’re delighted to establish a long-term joint venture with CBA to deliver an unmatchable combination of Australia’s leading 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.
“It’s a truly exceptional solution that promises to solve challenging problems and create better products and services for Australians.”
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Zanda Wilson was a reporter and podcast producer at Mumbrella, specialising in radio reporting. He left Mumbrella in September 2021.
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