The major banks say more regulation of artificial intelligence will allow them to deploy the powerful emerging technology with more confidence, as they look to extend initial use cases from chatbots and fraud detection to mortgage assessments and creating tools to allow staff to become more efficient.

The Australian Financial Review Editors Forum discussed the arrival of generative AI via large language models such as Open AI’s ChatGPT-4, which has been a major topic inside retail banks this year. The forum revealed that banks are keen for the federal government to progress work under the National Science and Technology Council, including possible regulatory options to ensure artificial intelligence can be deployed safely.