‘Transformational’: Why bank bosses can’t resist the AI craze

Posted by Anton Murray Consulting on 25 May, 2023

SMH

The artificial intelligence craze appears to be irresistible to the bosses of our big banks. Not only does this much-hyped technology hold the promise of cutting costs, bankers are also working on how it could be deployed in ways that would enable banks to embed themselves more deeply in customers’ financial lives. So, it makes sense that Commonwealth Bank chief executive Matt Comyn, National Australia Bank’s Ross McEwan and Westpac’s Peter King were all keen to get a close-up look at the latest AI trends when they attended a Microsoft CEO conference on AI in Seattle this month.

Yet, for all the hype about AI and its potential to transform business, this technology clearly brings plenty of business risks, while also raising real concerns for employment in the wider corporate sector. These costs and benefits of AI – and the likelihood that governments may need to step in and regulate the fast-growing sector – were on display at a CBA technology briefing on Wednesday. Wherever you stand on AI technology, it is clearly an area that big businesses can’t afford to ignore.

The rest of this article can be found at smh.com.au.

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