iTWire Monday, 10 May 2021 10:55 CommBank forms joint venture to analyse transaction data
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CommBank IQ is a joint venture between Commonwealth Bank of Australia and data science company Quantium that plans to deliver highly relevant data insights to institutional clients.
CommBank IQ is said to combine Australia s largest pool of transaction data and the nation s leading data science capability.
Commonwealth Bank of Australia (CBA) and Quantium today launched the new partnership, which will combine CBA s transaction data with Quantium s 18-year track record in ground-breaking data science.
The service will provide Australian businesses, policy makers and investors with what the partners describe as fast, current, and highly relevant data insights, along with a suite of to support and where possible automate decision-making.
CommBank and Quantium launch new joint venture aimed at B2B customers
Companies say the new CommBank iQ division will provide data prdoducts and insights to help institutional clients lift their customer game
Commonwealth Bank and Quantium have joined forces on a new data venture that will see customer transaction data and data science capabilities used to lift the customer game of institutional clients.
Under the deal, the pair have created a new division, CommBank iQ, aimed at providing fast, relevant and actionable insights for institutional clients such as governments, NGOs, policy makers and investors. The division will tap into the ASX-listed bank’s wealth of transactional data, de-identified and used in aggregate, to create a suite of data-driven products to support and automate decision making across these clients, with the aim of improving the way they understand and respond to current and emerging end customer behaviours and needs.
Woolworth is spending $223 million to take control of Australia s oldest and largest data science business Sue Mitchell, AFR
Woolworths said on Tuesday it had lifted its stake in Quantium, Australia’s oldest and largest data business, to 75% from 47% for $223 million.
Quantium will form part of Woolworths, and a new business unit called Q-Retail will be established.
“Advanced analytics is key to improving the experiences, ranges and services we provide to our customers and the support we provide to our teams and suppliers,” Woolworths CEO Brad Banducci said.
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Woolworths is doubling down on data analytics, outlaying $223 million to take control of data science firm Quantium and creating a new business unit to bring together advanced analytics and retail capabilities across the group.
Woolworths doubles down on data, takes control of Quantium
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Woolworths is doubling down on data analytics, outlaying $223 million to take control of data science firm Quantium and creating a new business unit to bring together advanced analytics and retail capabilities across the group.
Woolworths said on Tuesday it had lifted its stake in Quantium, Australiaâs oldest and largest data business, to 75 per cent from 47 per cent for $223 million.
Woolworths CEO Brad Banducci says advanced analytics is key to improving experiences, ranges and services for customers.Â
Rhett Wyman
Woolworths originally acquired a 50 per cent stake in Quantium in 2013 for about $20 million from co-founders Adam Driussi, Greg Schneider and Tony Davis. It entered into a long term partnership, using Quantiumâs data science capabilities to make better decisions on pricing, ranging, store layouts and promotions to attract and retain customers.