Australian banks such as Commonwealth Bank and ANZ Banking Group are exploring the potential use cases for conversational AI platforms like ChatGPT. CBA has been active in using machine learning with unstructured data over the past five years to improve customer experiences and optimize internal processes.
The bank aims to become a global-leading AI bank and is committed to the ethical and responsible use of data and AI while taking customer privacy and security seriously. ANZ is also exploring the use of conversational AI technology and is discussing ideas on how to improve the bank’s operations with the technology.
While the bank sees opportunities to make roles significantly more efficient, it is taking a prudent approach to its investigation into conversational AI technology. Meanwhile, NAB views the new AI players as showing considerable potential, and Westpac has not commented on its approach to exploring conversational AI technology.