- Commonwealth Bank of Australia recently divulged its plans to launch an AI-based project.
- It would create synthetic agents that would test new products based on their understanding of human behavior.
- The projects would especially focus on gauging customer behavior during difficult situations.
Generative AI has shown infinite possibilities to the world. It has empowered businesses and individuals to go beyond the limitations of imagination. The peculiar ability to emulate human behavior while being more intelligent than them has made his technology a true pioneer. It’s not only helping humans do their job better, but it’s actually doing their work. As a result, prominent organizations in every domain are keen to test new possibilities with it.
CBA to Create Synthetic Customers For Testing New Products
Recently, the Commonwealth Bank of Australia revealed its plans to deploy generative AI for an innovative pilot. The bank is going to develop synthetic agents that will test its new products and services. Powered by GenAI chatbots, these agents will have traits of CBA’s customers. During the South by Southwest conference in Sydney, CBA’s Chief Decision Scientist Dan Jermyn divulged this information.
At the event, he talked about the technology’s ability to process, interpret, and create new outputs. He emphasized that CBA saw the potential of AI in creating customer personas. These chatbots can play a significant role in gaining a deeper understanding of customers. The technology perfectly responds to particular products and financial challenges. They can think like office goers, businessmen, and broke companies too.
Product Development Purposes
At the same time, Jermyn highlighted the goal of this ambitious project. He said that it is to test the generative AI’s capacity to show qualitative and quantitative understanding of customers’ psyche. According to this, it would tell them about the understandability of the technology of humans in different contexts. Simultaneously, it would ameliorate the process of developing better products and services. The team is hoping to get valuable insights into customers’ preferences and needs.
As a result, it would let the bank make more efficient solutions for customers. Jermyn stressed that technology will become a key to banks’ performance at the forefront.
Tackling Different Situations
CBA’s project is going to revolutionize the way customer responses are studied. It would especially be very useful in situations where traditional methods prove to be futile. This initiative will utilize the true power of GenAI to understand customer behavior in distressful times. It would try to understand the responses in natural disasters and in other taxing circumstances.
The simulation of human actions based on AI’s understanding will help in the development of various products. He stated that the project would also test the importance of messaging in such situations. There are delicate situations when the bank has to think about the customer’s mental state while doing business. For instance, death of family members, accidental financial loss, fraud, etc.
Extending Scope of Behavioral Science
Germyn said that the base of this project is behavioral science and its achievements. This practice began 40 years ago and it’s still helping users understand the human mind. CBA is starting this project with a number of AI experts and behavioral scientists. By combining these two revolutionary concepts, it’s about to collect more reactions, preferences, and behavior. Along with him, the whole scientific community thinks that this project is very important.