"How many software engineers did CBA employ in 1997?"
I don't know but I know as someone who has worked in financial services, and as a developer that the costs associated with development and the staff would be a rounding error in the balance sheet. I worked in a team that had 6 people at an organisation which had ~30,000 total employees at the time.
"AI technology will be very expensive to develop/buy and to upkeep"
The most expensive thing is the consulting time and the faffing around to determine what to make. The cost of development and the platform (hosting) is again, negligible at best. These platforms are nearly always hosted by Microsoft, Google or Amazon. AI models are rarely trained in 'private cloud' -ie servers the company owns, as traditionally the hardware
Financial services companies move incredibly slowly and aren't on the cutting edge of anything. They don't approve any new technology investment unless there is a either legal requirement or there is a solid business case.
FWIW; I also think CBA is overvalued but i think your comments aren't accurate. The investment into technology is to reduce operational costs and reduce human input (wages) which far exceed technology costs in this country.
CBA Price at posting:
$156.59 Sentiment: Hold Disclosure: Held
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