Banking on AI
Commonwealth Bank's deal with Anthropic is the latest example of how long-held promises of deep corporate adoption of AI are finally starting to come together.
The AI craze has been in full swing since OpenAI dropped ChatGPT in 2022, and the spend since then on chips and data centres has reflected that buzz. So too did the stock market — until it didn’t.
But it has been much slower going when it comes to real, deep corporate adoption of AI. Sure, there have been plenty of references to the technology in shiny pitch decks and corporate earnings calls, but actual usage is still far from matching the hype.
Part of the problem is that unlike many tech adoption waves of the past, generative AI has seen a bottom up rather than top down rollout, with unpredictable results. By the time management comes up with an ROI-maximising AI policy and strategy, staff have probably been dumping confidential corporate data into ChatGPT for years.
But in Australia, we are seeing some green shoots. Today, Commonwealth Bank announced an expanded partnership with US AI lab Anthropic that includes a strategic investment. It fits in with the bank’s accelerated moves toward cloud and AI adoption, which have been reported on by Capital Brief’s Andrew Cornell.
