Australia's CBA partners with Silicon Valley artificial intelligence firm H2O.ai

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The logo for the Commonwealth Bank of Australia adorns their head office in central Sydney, Australia, October 12, 2017. REUTERS/David Gray/File Photo

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Nov 8 (Reuters) - Commonwealth Bank of Australia (CBA.AX) said on Monday it acquired a minority stake in a Silicon Valley-based artificial intelligence (AI) firm, H2O.ai Inc, in a bid to provide smarter and personalised products to its customer base.

CBA, Australia's biggest lender, said it would partner to use H2O.ai's cloud-based machine learning platform across its operations to develop AI-based products, giving it a lead against its rivals in designing smart financial products. (https://bit.ly/3BY8Kwp)

"We see broad application for AI and machine learning technology right across our business – in operational processes, protecting customers from fraud, lending decisions, and risk management," CBA Chief Executive Matt Comyn said.

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The lender did not disclose the stake it had acquired in the artificial intelligence firm.

Last week, CBA said it would offer a platform for retail customers to trade cryptocurrencies, becoming the country's first main-street bank to do so, as it looks to match offerings from rival fintech firms. read more

CBA also leads the banking sector's entry into the fast-growing Buy Now Pay Later sector in an attempt to fend off competition from Afterpay Ltd (APT.AX).

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Reporting by Sameer Manekar in Bengaluru; Editing by Peter Cooney

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