Commonwealth Bank is testing a new AI-powered banking assistant called CommBank Companion, aimed at helping retail and business customers manage their finances through a conversational experience inside the CommBank app.
The platform is currently being tested with employees and a selected group of business banking customers. A wider consumer pilot is expected to begin in the coming weeks.
CommBank Companion is designed to combine customer banking data with AI capabilities to deliver personalised financial insights and support. The tool can help users with budgeting, savings, home buying, loan repayments, borrowing power and financial planning.
“Australians are telling us they want more control, clarity and confidence in managing their money. With over 9 million customers using the CommBank app every day we are continuing to innovate and improve their experience,” said Angus Sullivan, Group Executive Retail Banking Services.
“CommBank Companion is our response – bringing together live spending and saving data into a single experience, so customers can be better informed and manage their money, and act with confidence.”
Customers can interact with the assistant using everyday language to receive information related to spending patterns, savings goals and financial management tools. Business banking users can also access cash flow insights, historical financial trends and projections to support operational planning and decision-making.
The bank said the platform has been developed within its secure digital banking environment and includes governance, risk management and human oversight processes. CommBank clarified that the assistant is intended to support customer decision-making and not provide regulated financial advice or make financial decisions on behalf of users.
The launch forms part of the bank’s wider AI strategy focused on improving customer engagement and enhancing digital banking experiences. The company also stated that the platform is backed by investments in fraud prevention and security technologies across its digital ecosystem.
Over time, CommBank plans to expand the assistant’s capabilities to include scenario modelling, automated servicing features and proactive alerts for potential cash flow pressures affecting small businesses.
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