The Commonwealth Bank (CBA) has announced the launch of new AI data-led insights, aiming to support small-to-medium businesses (SMEs) in harnessing technology to drive growth.
This move comes as new research, conducted by CBA in partnership with YouGov, revealed that a majority of SMEs have invested or plan to invest in AI within the next five years.
The research highlighted a significant trend: 59% of SMEs are either already investing or plan to invest in AI over the next five years.
Notably, younger business leaders are at the forefront of this trend, with 75% of Gen Z and millennials reporting investment or intent to invest, compared to 55% of Gen X and 45% of baby boomers.
“In response to market challenges, Australian SMEs are innovating and investing in new technologies with many already seeing the real-time benefits of integrating AI into their operations to help improve productivity and profitability, as well as enhance their competitive edge,” said Rebecca Warren (pictured above), CBA’s EGM small business banking, in a media release.
Early adopters of AI are reaping substantial benefits, with 87% reporting cost and time savings. Additionally, more than half of the SMEs surveyed (56%) believe that investing in AI is crucial for business growth.
Despite the benefits, 80% of SMEs also face barriers to AI adoption, including concerns about data security, lack of AI knowledge, and limited financial resources.
Warren highlighted the need for greater education on AI.
“We know that AI itself is rapidly advancing, with its capabilities growing and expanding exponentially,” she said.
“There is also a need to provide more education and insights to help small business owners and workers understand how AI applies to them and how it can get their business working smarter and faster.”
To support this need, CBA will launch a new resource to help SMEs fast track their AI capabilities and unlock growth opportunities.
The research showed strong interest in AI training, with 57% of respondents willing to sign up for AI training programs and tools if available.
The entrepreneurial spirit of Australian SMEs is evident in the diverse ways AI is being used. The most common applications include content creation and editing (48%), idea generation (39%), and automation of routine activities (33%).
Interestingly, professional services are more likely to report a lack of AI knowledge compared to those in construction and trade, highlighting the need for sector-specific education and training.
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