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
00:00It'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
00:13Centre, which is right here in Melbourne, and this is where they're training about 3,000
00:18of their workers about how they can do their jobs using AI. And you might start seeing
00:24actually you're already seeing it as a sort of over-the-shoulder assistant in ANZ's call
00:30centres 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
00:51that 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
01:00from documents and extract a lot of that meaning and cutting the amount of time it takes from
01:04hours and hours down to sometimes mere seconds. So I spoke to the Finance Sector Union and
01:10they say that this could potentially cost, just in call centres at the big banks alone,
01:16about thousands of jobs it could impact. And even those who are like really behind
01:23AI who want to see it grow, like you know I spoke to a start-up called Tooth Fairy AI,
01:29they are developing an AI tool for super funds to be able to calculate people's financial
01:35position and they're looking to now pitch to the big banks. Even they're really concerned
01:40about the impact that it could have on jobs. So I spoke to Gabriel Sanguino. Here's what
01:45he had to say. The idea of thinking that this technology will not have an impact on
01:50the job market, I think it's ludicrous. Of course there is going to be an impact. The
01:55kind of impact and the extent, I think it's again hard to predict. I mean there are laws
02:02around privacy, there are laws around who can actually give financial advice, but in
02:08terms of laws about AI that is still being developed in Australia, the European Union
02:13was the first to move on this. They have developed some guidelines for businesses and in terms
02:19of how they should treat customers when using AI and so that could really prove a model
02:24for Australia to consider because at the moment the technology is moving way faster than the
02:29regulation.