In the coming weeks, we’ll explore a feature from Forbes Australia, where John
shares insights into the future of Australia’s banking and financial services sector.
You can find the full article as a featured story on the Forbes Australia platform.
John Dimitropoulos on tech innovations revolutionising Australia’s banking and
financial services industry.
Part 2: Artificial Intelligence as a Game Changer
AI is central to this new era, with its ability to process vast amounts of historical data
to make precise and personalised banking decisions rapidly. Liberty IT is actively
exploring how generative AI, which can “think” independently faster than a human
ever could, can draw on extensive data sets to make informed decisions quickly.
This capability can transform the consumer’s ability to budget, borrow or invest and it
can enable banks to understand customer behaviours, spending patterns, important
life changes, financial circumstance changes and predict future needs. Should a
bank develop that intimate and trusted relationship with its customers the use of AI
should be able to proactively detect when a customer may be overstretching their
borrowing ability or when they might be approaching financial strife or have
unexpectedly experienced hardship. For example, AI will know that a business is
thriving and perhaps it is time to grow and expand with new capital funding. It should
also know that the family situation is about to change or has just changed in the case
of a divorce, death, or natural disaster in which case the trusted financial services
provider can be of help in a real moment of need. It can be done responsibly and
discreetly and within the guidelines and regulation of privacy laws. Dimitropoulos
says.
“For instance, we have a bank that has access to incredible amount and type of
information, transaction history information, assets and liabilities information,
payments information, needs information … AI can use this information to predict
whether this customer is likely to experience strife, or perhaps is suitable for raising
capital to expand their business. As circumstances change AI can stay on top and
help guide the consumer to making the right decisions. Currently most of the
investment in AI for banks is limited on how to improve efficiency in the bank
analysing call logs etc. Again, tech for the benefit of the consumer first, the bank
second.”
