Westpac backs AI for digital banking » Banking Technology

Australian bank Westpac is to trial the use of artificial intelligence (AI) in its digital banking systems, as it looks to automate customers' queries. With the rise of digital banking, Westpac's general manager of consumer digital, Travis Tyler, says it is looking at using "bots" to respond to customers' simple questions. One example includes the bank working on a "proof of concept" over the next six months for a digital system to provide answers to consumer questions about the best deposit rates available. In an interview with the Sydney Morning Herald, Tyler says: "If your term deposit is rolling over, and you simply ask, 'What's the best rate, this is what I want to achieve?', it will come back with the best options and you can simply say, 'Yeah, book it.'" Another example cited by Tyler includes answering simple questions about payments between accounts.