CBA, one of Australia’s leading banks, is taking a data-driven approach to assess the impact of AI pilots on its operations. The bank aims to determine which AI technologies to advance and seek additional funding for by carefully analyzing the quantitative data. Gavin Munroe, the Group Executive of Technology and group CIO, highlighted this focus on data during a recent Microsoft AI Tour event in Sydney.
One of the bank’s AI pilots involved early access to Copilot for Microsoft 365. CBA provided this tool to 300 of its newer staff members, who used it for tasks like market research acceleration and text summarization. Initial feedback from the participants showed that 85 percent of them liked using Copilot. However, to build a solid business case for further investment, Munroe emphasized the importance of quantifying the impact.
To gather quantitative data, Munroe conducted additional surveys. He asked the participants if they would prefer a $50 coupon for lunch every month or a Copilot license. Surprisingly, 75 percent selected the latter, and nine out of ten of those participants reported feeling more productive with Copilot. When asked to explain what being more productive meant, 50 percent of them stated that Copilot made them more creative.
Further analysis of the data revealed that 70 percent of the participants spent less time searching for content or browsing for information, while 50 percent used Copilot for data analysis in their roles. The tool’s ability to reduce mundane or busy work proved valuable, adding more value to the associates’ roles and increasing their job satisfaction.
A similar approach was taken with the bank’s use of GitHub Copilot, an AI pair-programming tool. Feedback from the initial group of engineers who used the tool highlighted its helpfulness. However, Munroe stressed the need for a solid business case supported by quantitative data analysis.
By prioritizing quantitative assessment, CBA is gaining valuable insights into the impact of AI pilots on its workforce. This data-driven approach enables the bank to make informed decisions about advancing AI technologies and securing additional funding for their implementation.
FAQ Section:
1. What approach is CBA taking to assess the impact of AI pilots on its operations?
CBA is taking a data-driven approach to assess the impact of AI pilots on its operations. It analyzes quantitative data to determine which AI technologies to advance and seek additional funding for.
2. What is Copilot for Microsoft 365 and how did CBA use it?
Copilot for Microsoft 365 is a tool that CBA provided to 300 of its newer staff members. They used it for tasks such as market research acceleration and text summarization.
3. What was the initial feedback from the participants who used Copilot?
The initial feedback from the participants showed that 85 percent of them liked using Copilot.
4. How did CBA quantify the impact of using Copilot?
To quantify the impact, CBA conducted additional surveys. They asked the participants if they would prefer a $50 coupon for lunch every month or a Copilot license. 75 percent selected the Copilot license, and nine out of ten of those participants reported feeling more productive with Copilot.
5. What did further analysis of the data reveal about the participants’ use of Copilot?
Further analysis of the data revealed that 70 percent of the participants spent less time searching for content or browsing for information, while 50 percent used Copilot for data analysis in their roles.
6. What was the feedback on the use of GitHub Copilot?
Feedback from the initial group of engineers who used GitHub Copilot, an AI pair-programming tool, highlighted its helpfulness.
7. How does CBA make informed decisions about advancing AI technologies?
By prioritizing quantitative assessment and analyzing data, CBA gains valuable insights into the impact of AI pilots on its workforce. This allows the bank to make informed decisions about advancing AI technologies and securing additional funding for their implementation.
Key Terms/Jargon:
– AI: Artificial Intelligence
– pilots: Small-scale tests or trials
– quantitative data: Numerical data that can be measured or counted
– Copilot: A tool provided by CBA for market research acceleration and text summarization
– business case: A document that justifies the financial and strategic benefits of a proposed project or investment
– GitHub Copilot: An AI pair-programming tool
Suggested Related Links:
– Commonwealth Bank of Australia
– Microsoft AI in the Public Sector