Demystifying the hype: How generative AI could shake up banking in 2024
Some experts believe generative AI could have a bigger impact on the banking industry than the internet. And that might be underselling the impact.
How over-hyped is the promise of artificial intelligence - and particularly generative AI - in financial services? It’s not. At least according to ANZ’s chief technology officer Tim Hogarth.
“I used to say it was the most significant transformation since the advent of the internet and I’m increasingly thinking I’m wrong. I think it’s going to be much bigger,” he told Capital Brief. “And I’m firmly of the position that myself, my group, our bank, in fact our whole industry and the country needs to think about how we can actually be at the forefront of the AI revolution.”
Certainly, given it’s impossible to attend a business meeting or investor forum or book club without hearing an angle on AI, there is a huge weight of opinion on Hogarth’s side. Even from regulators.
Australian Prudential Regulation Authority head of insurance Suzanne Smith told the Insurance Council of Australia AI has “the potential to be game-changing in terms of managing risk, gaining efficiencies and – hopefully – passing savings to policyholders.”
