ANZ is delving into the potential of generative AI to provide quicker responses to customer queries, anticipating shifts in how banking customers will interact with digital platforms.
Leigh Mahoney, Head of Wholesale Digital at ANZ, highlighted the changing landscape of customer engagement with web and mobile channels due to the advancements in generative AI during the recent Microsoft AI Summit in Melbourne.
Currently, customers often navigate through various options to find information. However, Mahoney envisions a future where interactions become more conversational. Instead of sifting through extensive help documents, customers would directly ask the service questions like, “How can I make an international payment?” or “How do I improve efficiency?”
Mahoney emphasized the importance of quickly summarizing information to provide customers with prompt answers, enhancing overall satisfaction. Summarization of large documents or meeting minutes is a primary application for generative AI.
He also pointed out various potential applications of generative AI in knowledge management, from document analysis and summarization to content authoring and comparisons. However, he stressed the need for careful consideration in deploying the technology, especially for customer-facing applications, ensuring the accuracy and relevance of the generated output through robust risk management and governance frameworks.
ANZ has been actively exploring AI technologies, incorporating generative AI into business intelligence tools for frontline bankers and utilizing GitHub Copilot for code development. They are also experimenting with a private generative AI interface named Z-GPT.
Mahoney expressed optimism about the transformative potential of generative AI, contrasting it with previous technologies like blockchain and distributed ledger technology (DLT) that faced challenges in finding practical applications. He believes that generative AI is already addressing real-world problems, making it an exciting time for the finance industry.
