Commonwealth Bank chief executive Matt Comyn is fresh from a recent trip to the United States where he heard all about the latest on artificial intelligence, and he is clearly keen to ramp up the bank’s use of the much-hyped technology.
His comments show how banking giants have big plans for AI that go much further than the often clunky “chatbots” that are often used by big companies to answer customer queries.Indeed, banks are already using AI behind the scenes on everything from assessments of mortgage applications, to scam detection, to helping bankers access internal information more easily.
“In the future, you could expect solutions that help people understand their money better and help manage their financial wellbeing.”Mortgages are a case in point. Westpac’s Walker explains that the bank has been piloting an AI system to help filter home loan applications that it receives through mortgage brokers, to give brokers early feedback.
It is also likely banks will use AI to soup up their apps, as lenders compete to give their customers useful automated financial tips and advice. Scam detection is another area ripe for AI assistance. With Australians losing $2.7 billion to scams last year, banks say AI can help them spot cases where customers may have been tricked into sending their money to scammers .
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