CBA runs its 'smart data model' during mass downpour

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CBA runs its 'smart data model' during mass downpour

Sends 700,000 messages to flood-affected areas.

The Commonwealth Bank has successfully used its smart weather data model for the first time to track 700,000 customers across NSW and Queensland during the current national torrential rainfall and floods.

CBA only launched its smart weather model last week, which offers customers same-day financial assistance following natural disasters and bad weather events.

Taking in multiple data points from postcodes to official emergency sources, the model can issue advice to CBA customers at targeted locations to notify them of their financial options such as loan deferrals or emergency funds.

A CBA spokesperson told iTnews the model is performing as expected during the country’s large-scale weather event, with further notifications expected to be sent as the situation unfolds across NSW and Queensland.

Across both states heavy rainfall and floods are severely impacting residents with the Bureau of Meteorology issuing multiple flood warnings for the NSW coast.

“Alerts and warnings are being monitored and additional customers will be contacted based on new information,” the spokesperson said.  

“We have contacted around 700,000 customers based on the information provided by the new weather data model.”

Messages are sent to customers either through the CommBank app, NetBank or SMS and information is also on customer profiles to ensure branch and contact centres offer additional support, the spokesperson added.

Once the mass rainfall and floods subsides the CBA smart data model team is expected to evaluate its performance, looking for areas of improvement and to build upon its findings as the model grows in its capabilities.

The model was first tested during the 2021 Perth bushfires, sending 80,000 messages of real-time support to those impacted.

The spokesperson said customers are directed to the bank’s website where they can find details of the additional support being offered and links to information.

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