Australian banks, including Commonwealth Bank and ANZ Banking Group, are actively exploring use cases for the latest conversational AI platforms like ChatGPT that have hit the market.
Ever since the launch of OpenAI’s ChatGPT in November of last year, industries worldwide, including military organizations, have been analyzing how this technology can potentially reshape their operations.
In response, tech giants such as Google and Microsoft have also introduced their own AI platforms or variations, pouring billions of dollars into developing this technology.
Exploring the latest developments in generative AI
According to a spokesperson from Commonwealth Bank (CBA), the company’s AI Labs research team is actively involved in exploring the latest developments in generative AI, including ChatGPT and other similar emerging technologies.
The spokesperson further added that CBA has been utilizing machine learning with unstructured data for the past five years. With a focus on enhancing customer experiences and optimizing internal processes.
“AI is critical for what we want to do and we continually explore opportunities to empower our people. Particularly for those in complex roles such as software engineers, to deliver even more personal experiences for customers,” CBA’s spokesperson
The CBA spokesperson stated that the bank’s goal is to become the leading AI bank on a global scale. With it’s strong commitment to ethical and responsible use of data and AI. The spokesperson also emphasized the bank’s unwavering commitment to safeguarding the privacy and security of its customers’ data.
Bank is actively exploring how AI can make the bank stronger and better
In the latest banking results, Commonwealth Bank (CBA) CEO Matt Comyn revealed that the bank is investing heavily in technology. It helps to improve customer protections, with investment spending rising by two percent to reach $963 million.
CBA has also partnered with no-code machine learning platform H2O.ai to leverage the vendor’s expertise in creating data science “grandmasters” both within the bank and across Australia.
ANZ Banking Group’s Chief Technology Officer, Tim Hogarth said that the bank is actively exploring how AI can make the bank better. With potential applications in fraud detection and mitigating cyber threats, as well as improving efficiency across various roles.
While the bank is investigating conversational AI technology, Hogarth emphasized that it is too early to speculate on use cases. The bank is approaching the technology cautiously to ensure customer and data security.
ANZ has made significant moves towards exploring AI’s potential. Which includes investing $50 million into property media and technology company View Media Group. The company offers AI property technology solutions.
National Australia Bank (NAB) sees potential in the latest AI players and is already utilizing AI in various forms. Such as virtual assistants, chatbots, and speech recognition technology. On the other hand, Westpac declined to comment on its approach to exploring conversational AI.