Conversational AI platforms such as ChatGPT are being investigated by Australian banks in order to improve customer experiences and optimize internal processes. The Commonwealth Bank and ANZ Banking Group are among those looking for use cases for the new wave of tools that have hit the market since OpenAI’s ChatGPT debuted in November 2021. These financial institutions are looking into the potential of generative AI to reshape their operations and improve customer protections, such as fraud and cyber threat detection. They are, however, cautious and committed to the ethical and responsible use of data and artificial intelligence.

AI is not a new concept in the banking industry, with some banks already utilizing AI for virtual assistants, chatbots, and speech recognition technology. However, with the emergence of new AI players, AI technology has the potential to transform the banking sector. The potential of these new AI players is also being investigated by NAB. Banks want to empower their employees, particularly those in complex roles like software engineers, so that they can provide even more personalized and better experiences for their customers.

Source: ITNews (link)
Images: MidJourney, Prompts by Lewis Farrell

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