CommBank IQ is a joint venture between Commonwealth Bank of Australia and data science company Quantium that plans to deliver “highly relevant” data insights to institutional clients.
CommBank IQ is said to combine Australia’s largest pool of transaction data and the nation’s leading data science capability.
The service will provide Australian businesses, policy makers and investors with what the partners describe as fast, current, and highly relevant data insights, along with a suite of to support and where possible automate decision-making.
“As Australia’s biggest bank, we see more transactions than any other institution in the country,” said CBA group executive of institutional banking and markets Andrew Hinchliff.
“By working in partnership with Quantium, we can harness the power of this peerless dataset to help Australian governments, businesses, investors and NGOs predict and adapt to the changing needs and wants of their customers.
“In short, CommBank iQ will help Australian institutions become more customer centric and better able to quickly identify and respond to both complex problems and significant growth opportunities'”
Quantium CEO Adam Driussi said “Commbank iQ’s experienced consultants will also offer the commercial skills and sector experience to identify and unlock hidden value for a wide range of institutions. It’s a truly exceptional solution that promises to solve challenging problems and create better products and services for Australians.”
CommBank IQ — which will begin trading in the second half of 2021 — will initially be staffed by CBA and Quantium employees, and the partners say the new business will apply world’s best practice data ethics and governance standards, including the deidentification of transaction data.
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