ANZ Banking has shared an interesting development in its ongoing digital transformation efforts, revealing that over 7% of the code written by the bank in the past six months has been generated using artificial intelligence (AI). This follows the bank’s early adoption of AI, particularly through the integration of GitHub Copilot, which began in May 2023. The move reflects ANZ’s forward-thinking approach in leveraging technology to streamline operations and enhance its service offerings.
Shayne Elliott, CEO of ANZ, highlighted the bank’s commitment to adopting AI as a strategic tool. He mentioned that the bank’s AI initiatives are centered around simplifying its tech platforms, making them more contemporary, and providing a competitive edge. ANZ has partnered with prominent companies like Salesforce, ServiceNow, and AWS, alongside an unnamed Palo Alto-based firm, to incorporate AI into its core offerings. Elliott believes that while many competitors will face challenges due to legacy systems, ANZ’s focus on modern technology and AI will set it apart.
The bank’s investment in AI is part of a larger $2.5 billion commitment over the last five years towards developing innovative tools and platforms. This includes the creation of ANZ Transactive – Global and its digital retail bank, ANZ Plus, both of which are integral to the bank’s digital-first strategy. With a team of 7,000 engineers, ANZ is positioning itself as a leader in the AI-driven banking space, aiming to significantly enhance both its operational efficiency and customer experience.
Elliott also emphasized that the real impact of AI would be transformational, providing ANZ with a major step-up in productivity and competitive advantage. As AI continues to evolve, Elliott predicts that the real winners will be those banks that integrate AI into their critical operations and propositions, creating long-term value for customers. The bank’s investment in AI and modern technologies underscores its vision for the future of banking, where strategic use of intelligent automation will be a key driver of success.
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