Buying a home is one of the biggest financial decisions you'll ever make, and getting the finance for it can be tricky. So, would you be happy if artificial intelligence helped make the call about whether you could get a loan? The big four banks are already using AI during the application process.
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TVTranscript
00:00Well, it's very early days when it comes to AI and the banks are really trialling at this
00:07stage and seeing how they can work with it. So I spent some time at ANZ's AI Immersion
00:14Centre, which is right here in Melbourne. And this is where they're training about 3,000
00:19of their workers about how they can do their jobs using AI. And you might start seeing
00:25actually you're already seeing it as a sort of over-the-shoulder assistant in ANZ's call
00:31centres which employ about 1,200 staff. So I spoke to ANZ's Chief Technology Officer
00:37Tim Hogarth. Here's what he had to say about it.
00:41Whenever you apply for a loan, we have to pick up all sorts of information such as pay
00:45slips, proof of employment, complex loan contracts. People have to read in complex documents and
00:52that takes a long time and we can use technology to bring in the words out of those documents
00:56but it's been very hard to bring in the meaning. AI can now allow us to actually take information
01:01from documents and extract a lot of that meaning and cutting the amount of time it takes from
01:05hours and hours down to sometimes mere seconds.
01:09So Nassim, what impact will using AI in call centres have on jobs?
01:14So I spoke to the Finance Sector Union and they say that this could potentially cost
01:20just in call centres at the big banks alone about thousands of jobs it could impact. And
01:28even those who are like really behind AI who want to see it grow, like you know I spoke
01:33to a start-up called Tooth Fairy AI. They are developing an AI tool for super funds
01:39to be able to calculate people's financial position and they're looking to now pitch
01:44to the big banks. Even they're really concerned about the impact that it could have on jobs.
01:49So I spoke to Gabriele Sanguino, here's what he had to say.
01:54The idea of thinking that this technology will not have an impact on the job market,
01:59I think it's ludicrous. Of course there is going to be an impact. The kind of impact
02:04and the extent, I think it's again hard to predict.
02:09Now are there laws guiding how we regulate AI?
02:14Not yet. I mean there are laws around privacy, there are laws around who can actually give
02:19financial advice. But in terms of laws about AI, that is still being developed in Australia.
02:25The European Union was the first to move on this. They have developed some guidelines
02:30for businesses and in terms of how they should treat customers when using AI. And so that
02:35could really prove a model for Australia to consider because at the moment the technology
02:41is moving way faster than the regulation.