The prudential regulator has allowed banks to experiment with and adopt advanced artificial intelligence technology, calling out its potential to reduce costs, improve customer service and boost shareholder returns across the sector.
The more accommodative regulatory position on the AI rollout in banks was fleshed out by Australian Prudential Regulation Authority member Therese McCarthy Hockey in a speech on Wednesday morning, and comes before The Australian Financial Review AI Summit next week.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
