The Commonwealth Bank of Australia (ASX:CBA) has signaled it may restrict how customers utilise external AI-powered bots to interact with its services, citing a need to mitigate "material risk" in an increasingly automated financial landscape.
CEO Matt Comyn acknowledged the shift toward customers using independent digital agents to manage their banking.
However, he warned that while these systems operate outside the bank's direct control, the institution is prepared to "implement limitations or controls" to safeguard its platforms and customer data.
To manage the transition, the CBA has established a rigorous internal framework.
The system mandates enhanced oversight for high-impact AI applications, requiring sign-off from senior leaders and domain experts before new technologies move past the development phase.
The bank emphasised that the long-term success of AI in banking will ultimately hinge on how "thoughtfully and responsibly" the technology is deployed.
At the time of reporting, Commonwealth Bank of Australia’s share price was $158.82.