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COMMONWEALTH BANK AND DATA SCIENCE LEADER , QUANTIUM , LAUNCH COMMBANK IQ TO HELP CUSTOMERS BUILD AUSTRALIA ’ S FUTURE ECONOMY
A new joint venture combining Australia ’ s largest pool of transaction data and the nation ’ s leading data science capability will deliver powerful insights that help Australian businesses , policy makers and investors shape and drive the country ’ s future economy . Commonwealth Bank of Australia ( CBA ) and Quantium has launched the new partnership , which will combine CBA ’ s transaction data with Quantium ’ s 18-year track record in ground-breaking data science .
Named CommBank iQ , the joint venture will provide fast , current and highly relevant data insights to help institutional clients deliver better products and services for its customers and stakeholders . It will also create a suite of data-driven products to support and , where possible , automate decision making to help institutions move from insight to action with unprecedented speed and accuracy .
Andrew Hinchliff , CBA ’ s Group Executive of Institutional Banking and Markets , said : “ CommBank iQ will help Australia ’ s leading 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 . centric and better able to quickly identify and respond to both complex problems and significant growth opportunities .”
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 .”
Commbank iQ will offer a range of flexible solutions from insights reports to decision support tools and AI decision engines that harness de-identified data to automate decision making , helping institutions act and deliver real change based on unprecedented customer insights . Both CBA and Quantium will contribute founding team members to the joint venture , with Quantium also
IT ’ S A TRULY EXCEPTIONAL SOLUTION THAT PROMISES TO SOLVE CHALLENGING PROBLEMS AND CREATE BETTER PRODUCTS AND SERVICES FOR AUSTRALIANS .
contributing its cutting edge Big Data tech stack , which incorporates a proprietary blend of technologies and a best in class algorithm library . The joint venture will apply world ’ s best practice data ethics and governance standards .
All transaction data handled by Commbank iQ will be aggregated and fully de-identified using best practice techniques .
The new business will begin trading in the second half of 2021 . x
“ 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
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