Commonwealth Bank of Australia (CBA) and Quantium have combined to form CommBank iQ, a new joint venture to help Australian businesses leverage insights from data.
CommBank iQ will create a new range of data-driven products to help businesses gain a better understanding of their customers.
Andrew Hinchliff, CBA’s Group Executive of Institutional Banking and Markets commented on the move.
“As Australia’s biggest bank, we see more transactions than any other institution in the country,” he said.
“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,” Mr Hinchliff said.
Quantium CEO Adam Driussi, said: “We’re delighted to establish a long-term joint venture with CBA to deliver an unmatchable combination of Australia’s leading de-identified customer spend dataset and Quantium’s world-class data science capabilities.
“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 will start trading in the second half of 2021.
