Australian banking is facing a reckoning. Artificial intelligence promises to turbocharge competitive advantages and punish those without them, raising the stakes across the financial sector as it navigates one of the most consequential technological transitions in its history.
A series of exclusive Capital Brief investigations this week revealed the latest AI models have rattled regulators APRA and ASIC and pushed the nation’s largest superannuation funds to band together to confront it.
Fresh from visiting Silicon Valley earlier this month, where he met with the US tech giants reshaping the industry, NAB chief digital, data and AI group executive Pete Steel said the pace of change was unlike anything he had seen, with pressure on Australian corporates intensifying by the day.
“For the board, for the CEO, for me and my peers, we all see a future where we need to be using AI to safely run the bank. For our competitiveness, for our customer experience, we don’t have a choice,” said Steel, who stepped into the role in November. “We think it has to be part of our future.”
