Companies say the new CommBank iQ division will provide data prdoducts and insights to help institutional clients lift their customer game
Commonwealth Bank and Quantium have joined forces on a new data venture that will see customer transaction data and data science capabilities used to lift the customer game of institutional clients.
Under the deal, the pair have created a new division, CommBank iQ, aimed at providing fast, relevant and actionable insights for institutional clients such as governments, NGOs, policy makers and investors. The division will tap into the ASX-listed bank’s wealth of transactional data, de-identified and used in aggregate, to create a suite of data-driven products to support and automate decision making across these clients, with the aim of improving the way they understand and respond to current and emerging end customer behaviours and needs.
Products are expected to include insight reports, decision support tools and artificial intelligence (AI)-based decision engines. Both CBA and Quantium are contributing founding team members to the joint venture, and Quantium is bringing the power of its big data tech stack and algorithm library to the work. Both companies also committed to best-practice data ethics and governance standards.
The new business is scheduled to begin operations from H2, 2021.
CBA group executive of institutional banking and markets, Andrew Hinchliff, said the organisation is hoping CommBank iQ will help Australian institutions drive the nation’s economic recovery and transition.
“As Australia’s biggest bank, we see more transactions than any other institution in the country,” he stated. “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.”
Quantium CEO, Adam Driussi, was also convinced consultants working in the JV will provide 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,” he claimed.
The news comes just weeks after Woolworths upped its holdings in Quantium to 75 per cent, outlaying $223 million to secure a majority stake in the data science business. Woolworths originally acquired a 50 per cent stake in Quantium in 2013 for $20 million.
As part of the latest investment, Woolworths is also setting up a JV division with Quantium, called Q-Retail, which will unite data science and analytics capabilities existing across both Quantium and Woolworths.
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