Commonwealth Bank (ASX:CBA) unveils yet another partnership

The Commonwealth Bank of Australia (ASX: CBA) is to "build Australia's future economy" through a joint venture with data firm Quantium.

| More on:
close up of 4 digits on bank card with electronic chip

Image Source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Commonwealth Bank of Australia (ASX: CBA) is looking to "build Australia's future economy" through its new joint venture with data science firm Quantium.

The joint venture will see data procured from Australia's top retail bank to deliver data-driven insights to Australian businesses, governments and investors.

The partnership is the second the banking giant has announced today. The announcement of its joint venture with Quantium followed news its partnered with e-commerce operator Bigcommerce Holdings IncB.

At the time of writing, the Commonwealth share price has sunk from its intraday high of $95.18 – which was yet another 52-week high. Shares in the bank are currently swapping hands for $94.85, representing a 0.99% gain from its previous closing price.

Let's take a look at Commonwealth Bank's newest joint venture.

Commonwealth Bank X Quantium

Commonwealth Bank and Quantium have teamed up to create CommBank iQ.

CommBank iQ will use data pooled from the Commonwealth Bank's retail transactions and Quantium's data science capabilities to deliver insights to Australian businesses, policymakers, and investors. The bank says this will help "shape and drive the country's future economy".

The Australian Financial Review (AFR) reported Quantium ditched its long-term agreement with Australia National Bank Ltd (ASX: NAB) in favour of its joint venture with CBA.

According to the AFR, Quantium approached the Commonwealth Bank, hoping it could access CBA's unmatched data pool of Australian retail transactions.

According to the bank, CommBank iQ will offer various solutions, including insights reports, decision support tools, and AI decision engines that will use data to automate decision-making. This will likely prove useful to institutions looking to act on customer insights.

Both CBA and Quantium will contribute team members to the joint venture. Quantium will also contribute its big data tech stack.

CommBank iQ will use best practice data ethics and governance standards. All data handled by the joint venture will be aggregated and de-identified.

CommBank iQ will begin trading in the second half of 2021.

Commentary from management

The Commonwealth Bank's group executive of institutional banking and markets, Andrew Hinchliff, commented on the joint venture. Hinchliff said CommBank iQ would help Australia's leading institutions steer the nation's economic recovery and transition.

As Australia's biggest bank, we see more transactions than any other institution in the country…

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's 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.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the 'five best ASX stocks' for investors to buy right now. We believe these stocks are trading at attractive prices and Scott thinks they could be great buys right now...

See The 5 Stocks *Returns as of 30 April 2025

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Bank Shares

A couple sits on a sofa, each clutching their heads in horror and disbelief, while looking at a laptop screen.
Bank Shares

Why CBA shares could crash 40%+

Brokers are calling time on this banking giant's incredible run.

Read more »

Bank building with the word bank in gold.
Bank Shares

Guess which ASX 200 bank stock is down 4% after posting a quarterly profit decline

Let's see how this bank performed during the third quarter.

Read more »

Hologram of a man next to a human robot, symbolising artificial intelligence.
Bank Shares

How artificial intelligence could transform the banking industry

ANZ describes the move as “the single-biggest change program” the bank will undertake over the next few years.

Read more »

A man in a business shirt and tie takes a wide leap over a large steel trap with jagged teeth.
Bank Shares

5.75% yield: Are ANZ shares a dividend trap?

ANZ's dividend currently beats out its own term deposits.

Read more »

A woman sits in a cafe wearing a polka dotted shirt and holding a latte in one hand while reading something on a laptop that is sitting on the table in front of her
Bank Shares

Here's the earnings forecast out to 2029 for CBA shares

How much earnings could CBA generate in the coming years?

Read more »

A man in a suit smiles at the yellow piggy bank he holds in his hand.
Bank Shares

CBA shares hit a new $176 record high. Too late to buy?

What can stop this bank now?

Read more »

man thinking about whether to invest in bitcoin
Bank Shares

Is this the right time to invest in Westpac shares after the interest rate cut?

Should investors bank on rate cuts helping Westpac?

Read more »

A woman sits at her computer with her hand to her mouth and a contemplative smile on her face as she reads about the performance of Allkem shares on her computer
Bank Shares

How did ASX bank shares react to the RBA decision?

The Reserve Bank of Australia just reduced interest rates by 0.25% in the second cut for 2025.

Read more »