Andy Symons says AI could provide an opportunity to improve bank consumer's experiences. Photo: Supplied
A financial consultant believes AI will transform New Zealand's banking sector and how consumers interact with their banks
Artificial Intelligence is rapidly advancing with companies and industries having to decide how they will adapt.
Andy Symons is the financial services lead for Accenture - a global professional services and consulting company in New Zealand - and said they were seeing that customers trust in banks had eroded.
He believed as artificial intelligence evolved and was implemented into the sector, it would provide an opportunity to improve consumer's experiences.
"These tools will allow us to do many of the transactional things that we need to do with banks using technology tools and we're expecting to see banks increasingly using their people to help their customers work through their more complex needs and and their more personal needs," he said.
"The banks have an opportunity to use technology to bring a bit more humanity back into banking,"
In the short term, Symons expected AI tools would empower bank employees to be more customer focused with better data and better information about the customer at their fingertips.
In the longer term, he expected customers themselves would increasingly interact directly with AI-driven tools for managing money, from planning and payments to coaching.
"I think the technology is gonna become a lot more intuitive. It's gonna become a lot more proactive. It's gonna become a lot more able to coach us and to help us manage our money better. So personally, I'm really excited about what's going to happen for consumers," he said.
What do the banks think?
RNZ asked some of New Zealand's major banks what their stance on AI was.
Westpac managing director of product sustainability and marketing Sarah Hearn said AI had the potential to improve the lending experience by giving its bankers faster access to quality data, and freeing them up to have more in-depth conversations with their customers about their particular needs.
"We are already using AI as a support tool to help us streamline the home lending process; for example, it's helping our third party and advisor teams assess application details more quickly and efficiently," Hearn said.
"We'll continue to look at implementing new technology to help improve lending processes where appropriate."
ANZ said like many businesses they were continuing to explore how AI may be used to enhance its operations - supporting its core strategy to improve Kiwis' financial wellbeing.
"Internally, we have developed an enterprise-wide AI approach to build awareness and familiarity with AI across the bank," a spokesperson said.
"We are taking a considered approach to ensure AI is used safely and responsibly as we explore the potential benefits of the technology as it evolves."
Kiwibank chief executive Steve Jurkovich Photo: Supplied
Kiwibank chief executive Steve Jurkovich said it was encouraging its people to share ideas and look at how AI can make a real difference for customers and across the bank.
"Our focus is on people first, and we see AI as a tool to help us work smarter, not harder," he said.
He said Kiwibank was helping teams build confidence with AI, try out new tools, and bring new ideas to life.
"One area we're working on is cutting down on 'toil', those repetitive tasks that take up time but don't add much value, so our people can focus on more meaningful, customer-focused work," Jurkovich said.
"We're using a mix of AI tools to support this, and we're keeping our approach flexible, inclusive, and true to our people-first approach."
Jurkovich said Kiwibank was using its providers and partners to bring some of the world's leading tools to New Zealand.
"Partnering levels the playing field for smaller banks and companies," he said.
"As AI keeps evolving, we expect it to become a natural part of how our people and customers interact with Kiwibank. For us, the future of AI is about making banking more personal, efficient, and secure - and making things easier for our customers, so they have more time for what matters."
Prior AI report supports that banks are taking cautious approach
Last year the Financial Markets Authority undertook a report looking at current and future uses of AI within the financial services sector.
Their report drew on responses from 13 finance representatives in asset management, banking, financial advice, and insurance.
The report found that sector-wide the approach to AI which is cautious, but all respondents either had integrated generative AI in their operations or plan to do so soon.
Expected uses for AI in the future were enhanced customer outcomes, improved operational efficiency, and sophisticated fraud detection.
Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
