Last month, two Australian financial services companies announced notable artificial intelligence initiatives. NAB rolled out the ‘virtual banker,’ a virtual assistant, which uses artificial intelligence (AI) to answer more than 200 questions that were previously handled by call centre staff. ANZ Bank also launched voice authentication technology on mobile, allowing customers to authorise funds transfers using voice biometrics.

The accelerating pace of digital change is set to disrupt every industry — none more so than the banking and financial services industry, given the sector’s high daily volume of commercial and retail transactions. In particular, AI is set to spur monumental change in value generation, as financial services companies expand their reach beyond traditional arsenals of price and product features. Now, we are experiencing an era of ‘hyper-personalisation,’ which requires powerful AI structures to underpin complex customer journeys and extract insights from mountains of customer data. Read more…