00:00At ANZ's new AI centre, workers are being taught how artificial intelligence can help
00:07them process loan applications.
00:10Whenever you apply for a loan, we have to pick up all sorts of information such as pay
00:13slips, proof of employment, complex loan contracts.
00:17AI can now allow us to actually take information from documents, cutting the amount of time
00:21it takes from hours and hours down to sometimes mere seconds.
00:24AI also acts as an over-the-shoulder assistant for about 1,200 call centre staff.
00:30People have used this technology to very quickly summarise everything about what the bank has
00:34on file for the customer.
00:36Unions are worried about job losses and they want banks to explain to staff how it will
00:41change their work.
00:43We don't want to see a situation where finance workers or consumers in Australia are simply
00:48having AI foisted upon them and they are having to deal with whatever the banks decide is
00:53a good idea.
00:54Now the danger, particularly for financial institutions or any institution that is governed
01:00by certain codes of behaviour, is that those AIs will make mistakes.
01:07The rapid pace at which AI is advancing means the technology is moving faster than the regulations.
01:13The European Union has already introduced some laws to regulate artificial intelligence,
01:18a model Australia could consider.
01:20ANZ says the risks are being carefully weighed up.
01:24I don't think that's likely to happen in the next five to ten years of having a home
01:29loan completely decided by a machine.
01:32I think it's very likely though that the way we're going to buy homes will be fundamentally
01:36different.
01:37Differences customers will soon see as they interact with Australia's biggest lenders.
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