Banks Including CBA and Westpac Are Racing to Scale AI
Australian Financial Review
ENRICHED
Details
- Date Published
- 5 Feb 2026
- Priority Score
- 3
- Australian
- Yes
- Created
- 4 Feb 2026, 07:15 pm
Description
Artificial intelligence leaders in banks say software engineering and workplace productivity are accelerating, as CBA calls for more focus on AI safety.
Summary
The article highlights the rapid adoption of advanced AI technologies by major Australian banks, including Commonwealth Bank and Westpac, aimed at enhancing operational efficiency and identifying fraud. While the integration of sophisticated AI models shows potential for productivity gains, there are increasing concerns among employees and regulators regarding the adequacy of risk management frameworks in place to address potential hazards. This development is significant for AI safety discourse, as it underscores the urgency for enhanced regulatory measures and safety protocols amidst greater reliance on AI in critical financial sectors. Moreover, Commonwealth Bank's emphasis on AI safety reflects a growing acknowledgment of the need to align technological progress with robust risk management strategies.
Body
CompaniesFinancial ServicesAIPrint articleJames EyersSenior ReporterFeb 5, 2026 – 5.00amA dramatic improvement in the power of artificial intelligence models over the summer has lifted confidence inside the major banks that they can accelerate complex technology projects, catch more fraudsters, and empower staff to have deeper conversations with customers.But as the rollout gathers pace, concerns are rising from staff and regulators that systems to control emerging risks are not keeping up.Loading...James Eyers writes on banking, finance, payments, regulation and emerging technologies. Based in Sydney, he is a former legal and investment banking editor at the AFR and has been a business journalist for more than 20 years. Email James at jeyers@afr.com.auSaveLog in or Subscribe to 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 MoreAIWestpac Banking CorporationNational Australia BankCommonwealth BankMicrosoftMacquarie BankBanking productsSoftwareBig fourExecutive shake-upProductivitySatya NadellaAPRARegulationFetching latest articles