CBA taps Big Data and machine learning to support customers hit by natural disasters
Source – https://www.finextra.com/
Commonwealth Bank of Australia is harnessing machine learning technology and Big Data science to offer customers same-day, pro-active emergency assistance in the event of weather-induced natural disasters.The new technology platform uses custom-built algorithms to monitor, in real-time, a mix of data points from official emergency sources and weather alert systems to offer one-to-one, personalised support for customers impacted by natural disasters.
CBA’s chief analytics officer, Andrew McMullan, says: “CBA’s Customer Engagement Engine runs around 400 machine learning models across 157 billion data points in real time so we can add value to our customers in terms of relevance and personal experience – whether that’s through messages and live in-app chats using the CommBank app, or having relevant conversations in-branch or over the phone.”
Most recently, the bank was able to offer same-day personalised support to 80,000 customers who were impacted by the Perth bushfires.
Says McMullen: “Being able to anticipate our customers’ needs and contact them on the same day that a postcode is identified as being at risk from a substantial weather event is a game-changer, and something customers in Perth told us they appreciated during the recent bushfires.”