Australia's big four banks are using artificial intelligence to help decide home loan approvals. Staff in call centres are also being assisted by AI sparking fears that jobs could be cut. With a lack of specific regulation there are further concerns about the risks of using this technology.
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00:00At ANZ's new AI centre, workers are being taught how artificial intelligence can help
00:07them process loan applications.
00:10Whenever you apply for a loan, we have to pick up all sorts of information such as pay
00:13slips, proof of employment, complex loan contracts.
00:17AI can now allow us to actually take information from documents, cutting the amount of time
00:21it takes from hours and hours down to sometimes mere seconds.
00:24AI also acts as an over-the-shoulder assistant for about 1,200 call centre staff.
00:30People have used this technology to very quickly summarise everything about what the bank has
00:34on file for the customer.
00:36Unions are worried about job losses and they want banks to explain to staff how it will
00:41change their work.
00:43We don't want to see a situation where finance workers or consumers in Australia are simply
00:48having AI foisted upon them and they are having to deal with whatever the banks decide is
00:53a good idea.
00:54Now the danger, particularly for financial institutions or any institution that is governed
01:00by certain codes of behaviour, is that those AIs will make mistakes.
01:07The rapid pace at which AI is advancing means the technology is moving faster than the regulations.
01:13The European Union has already introduced some laws to regulate artificial intelligence,
01:18a model Australia could consider.
01:20ANZ says the risks are being carefully weighed up.
01:24I don't think that's likely to happen in the next five to ten years of having a home
01:29loan completely decided by a machine.
01:32I think it's very likely though that the way we're going to buy homes will be fundamentally
01:36different.
01:37Differences customers will soon see as they interact with Australia's biggest lenders.