Westpac Collaborates with Accenture to Deploy AI Agents
Australian Financial Review
SKIPPED
Details
- Date Published
- 24 Feb 2025
- Priority Score
- 2
- Australian
- Yes
- Created
- 10 Mar 2025, 10:27 pm
Description
The bank has already used agentic AI to assist its engineers move code to new cloud-based systems. Triaging mortgage applications could follow.
Summary
The article examines Westpac's collaboration with Accenture to integrate AI-powered agents into its operations, aiming to enhance software programming and potentially streamline mortgage application processing. These AI agents, representing an advanced form of generative AI, emulate human decision-making processes, setting them apart from traditional chatbots. While the implementation addresses efficiency and innovation in banking, the article does not directly engage with existential or catastrophic AI risks but demonstrates the growing integration of AI in financial services. It touches upon AI's transformative impact on the banking sector in Australia, with implications for operational productivity rather than safety or governance issues.
Body
CompaniesFinancial ServicesAIPrint articleJames EyersSenior ReporterFeb 24, 2025 – 5.00amSaveLog inorSubscribeto save articleShareCopy linkCopiedEmailLinkedInTwitterFacebookCopy linkCopiedShare via...Gift this articleSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?LoginWestpac hired Accenture to develop artificial intelligence-powered agents which are already used in software programming, and which may one day assist its bankers in processing loan applications.Agentic AI is an extension of generative AI that involves bots imitating human decision-making. AI agents can execute actions, moving beyond chatbots which merely surface and communicate data back to a user.Loading...James Eyerswrites on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of AfterpayConnect withJamesonTwitter.EmailJamesatjeyers@afr.com.auSaveLog inorSubscribeto save articleShareCopy linkCopiedEmailLinkedInTwitterFacebookCopy linkCopiedShare via...Gift this articleSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?LoginLicense articleFollow the topics, people and companies that matter to you.Find out moreRead MoreAIBig fourAccentureWestpac Banking CorporationDigital transformationSoftwareDisruptionBanking productsInnovationData analysisCloudFetching latest articlesOlympic weightlifting is hard. This boss uses the 1pc rule to get it doneLucy DeanOut-of-control watch price rises give housing a run for its moneyKnow your craft: How the biggest airlines rate at the pointy endJun Bei Liu: How I learnt to speak upSally Patten and Lap PhanThe four actor ‘tricks’ giving executives more confidence‘We’ll fight’: Alex Waislitz on family battles and bad betsThe best shows from fashion monthLauren Sams and Jessica BeresfordAston Martin’s handsome new SUV is the best of both worldsHow doing it like the 1pc rekindled my love of skiingBillionaire Nicola Forrest appoints UBank boss to run family officePrimrose RiordanVictor Smorgon’s star fundie eyes 50pc returns for new fundForrest family powerbroker had alleged role in big Fortescue decisions