CommBank is using AI to read, analyse and process customer documentation. Are you OK with this?

In a recent blog post, Microsoft depicts a new case study about the benefits of using AI technology within the banking business.

The success story is about the Commonwealth Bank of Australia (CommBank) using a Copilot bot to protect clients from fraud and analyze and process customer data.

CommBank is using AI to read, analyse and process customer documentation more quickly and accurately than humans. This is enabling the bank to half the time it takes to verify someone’s income when it processes a loan, for instance.

Microsoft Artificial Intelligence blog

This can be disturbing for anyone applying for a loan because it’s unclear to what extent the AI is involved. Is it looking for data online or through existing data provided by the client? Does it dismiss a client based on the information analysis?

How is the bank using AI within their operations?

According to the Microsoft letter, CommBank used the NameCheck security tool to prevent security scams and payment errors within their operational processes:

From March to December 2023, its pioneering NameCheck security tool was used to prevent more than 14,000 scam payments worth more than an estimated A$48 million. The tool also reduced mistaken payments by more than A$199 million.

CommBank

The Aussi bank also uses Copilot for Microsoft 365 for their internal operations. According to their statement within the case study, 300 of their staff have been trained to use the technology for marketing research and summarizing text documents.

Based on the bank official’s statement, they are also testing the GitHub Copilot to write code and protect the bank. During the testing period, 75% of their 200 engineers working with the tool found it very helpful. However, the process needed to be fully automated and the staff only accepted 80,000 lines of code from the one generated by the AI.needed to be,

AI is getting into sensitive data management

The iTnews blog also reported about an Australian law firm called Lander & Rogers that has launched an AI Lab to automate several legal tasks.

At present, several hundred people at Lander & Rogers are currently using Copilot.

Said a law firm spokeperson in an interview for the iTnews blog

Right now, the law company uses the AI bot to summarize the emails from their clients and help them create content and make text corrections.

Both companies are saying they have strong politics on using AI responsibly, and they probably do. But what about those who might not?

What do you thing about AI’s involvement into th banking business? Let’s discuss in the comments section below.