Over half of all US banking giants are increasingly using agentic AI to boost productivity.
As first reported by Reuters, a recent survey by KPMG found that 51 per cent of banks were piloting agentic AI and digital assistance, with a focus on AI agents that can not only work with humans but also do things autonomously for users.
The AI agents are being used in areas like client vetting, treasury and trading, and wealth.
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“We are now preparing these agents to start pushing reminders or recommendations to the financial advisors regarding their clients,” said Morgan Stanley’s head of artificial intelligence, Koren Maranca.
KPMG US sector leader for banking Peter Torrente said the global consulting and professional services firm was working with banks to help them determine where AI should be applied and to what degree.
“We are working with banks in particular on agents and human employees … to help the banks look at all the roles end to end, and then determine which ones are hybrid roles, which ones are agentic employees, which ones are only human employees,” he said.
A number of Australian banks have also heavily invested, with the big four – ANZ, Westpac, NAB, and the Commonwealth Bank of Australia (CBA) – all pushing to increase AI implementation.
In May, CBA announced it had initiated testing of CommBank Companion, an AI designed to assist its customers in managing finances through a conversational AI.
According to CBA, the AI uses live data relevant to the customer, such as spending, business expenses, and home buying. Customers using the AI can ask the companion questions based on their data.
“Australians are telling us they want more control, clarity and confidence in managing their money. With over 9 million customers using the CommBank app every day, we are continuing to innovate and improve their experience,” said Angus Sullivan, group executive of retail banking services.
“CommBank Companion is our response – bringing together live spending and saving data into a single experience, so customers can be better informed and manage their money, and act with confidence.
In June, Westpac said it was planning to implement AI into its core workflows and create a “digital-first service”.
By the first quarter of the 2027 fiscal year, Westpac is set to have AI implemented in its mobile and online banking operations.
Speaking at a consumer division presentation on Thursday (11 June), Westpac consumer division CEO Carolyn McCann said the bank would be moving to a digital-first service model, where its app and online services “will become our primary experience, not just a channel”, adding that “70 per cent of the things that you can do in a branch, you can do on the app”.
Westpac’s consumer division general manager of data, digital, and AI, Luis Uguina, said the bank can deliver a higher level of customer services at a lower cost digitally, adding that the cost-to-serve is “65 per cent lower”.
“Today, every three in four simple sales are executed digitally, and these numbers are growing 8 per cent month on month,” he said.
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Daniel Croft
Born in the heart of Western Sydney, Daniel Croft is a passionate journalist with an understanding for and experience writing in the technology space. Having studied at Macquarie University, he joined Momentum Media in 2022, writing across a number of publications including Australian Aviation, Cyber Security Connect and Defence Connect. Outside of writing, Daniel has a keen interest in music, and spends his time playing in bands around Sydney.