CBA CEO says AI must improve Aussie lives, ‘not just cut costs’

“We can build with Australian resources, data, talent and enterprise, or become a permanent renter of intelligence from offshore.”

In the context of banking, Comyn said that Australians are rightfully cautious, adding that it is one thing for a bank to deploy AI, and another for it to actually improve services.

“Australians are right to be cautious. AI is powerful, uneven and often hard to explain. The test is not whether a bank can deploy the technology. It is whether customers can see safer payments, faster help, better decisions and support backed by human judgement,” he added.

“AI-enabled fraud and scam protection has helped reduce customer losses. Agentic systems are helping write fraud rules, strengthen security patching and solve technology issues faster. In the coming months, we will introduce new AI-enabled services for retail and business customers, designed to make more natural, personalised support available to more customers.”

He also added that AI is not a be-all and end-all tool, but one that should be balanced with human work and other tools, only being used in applications where it’s the best solution.

“Better service does not have to mean every interaction is automated. Used well, new technology can make support more useful, more personal and available to more people, without making service feel less human,” he said.

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While Comyn acknowledged that efficiency gains can improve the quality of service, he also touched on the workforce changes that would come as a result of the technology.

“The workforce debate is often reduced to a simple narrative. Across the market, AI is being folded into several different forces at once, including genuine automation, cyclical pressure, earlier hiring decisions and attempts to force faster change by reducing headcount first,” he said.

“That may create pressure for change, but it can also weaken capability if people are not brought with it. The better question is whether AI is being used to make an organisation stronger, or merely to strip out costs.

“AI will have workforce consequences throughout the economy, and they should be faced directly. No one knows exactly how work will change over the next three years, let alone the next decade. Some tasks will be automated, some roles will reduce in number, and others will grow. Many roles may look much the same while the tasks and skills underneath them change. It is easier to foresee which parts of today’s work may disappear than to imagine all the new work that may be created.”

Comyn added that CBA is fully aware of the workforce changes and wants to avoid shying away from them. Its $90 million Future Workforce Program is designed to help employees prepare for the changing workforce.

“For many of our people, it will also be one of the most important opportunities of their careers to learn new skills and do more valuable work. People who combine customer understanding, risk judgement, curiosity and the ability to direct AI systems will become more valuable, not less. Our job is to help more people get there,” Comyn said.

“When a role disappears, it affects a household budget, a mortgage, a career plan and, for many people, a sense of identity. Saying AI is good for national productivity does not make loss painless. But pretending every role can be preserved would not be fair either. An employer of our scale has a responsibility to avoid false reassurance and give people the best possible chance to adapt.”

In a wider sense, Comyn also said that Australia needs to “recognise the value of Australian journalism, creative work and intellectual property while giving responsible investment a clear path to happen here. AI investment is mobile and will favour countries with practical, predictable rules,” if the nation wants locally developed AI capability.

He also said that global partnerships were critical in developing Australian capability, but should not be a substitute.

“AI will not deliver a better future for Australia by accident. We have to choose it and build it through safeguards that work, people ready to use the tools, strong global partnerships and more capability created here,” he said.

“At CBA, that is the path we are taking. We will certainly not get everything right. But the bigger mistake would be to let caution become delay and miss the chance to build the skills of our people, a stronger company and a more capable Australia.”