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ANZ banking has revealed that over 7 per cent of the code it has written over the last six months has been AI-generated.
During its full-year results for 2024, ANZ CEO Shayne Elliott told investors that it had adopted AI early after incorporating GitHub Copilot.
In May 2023, the bank also “formerly sanctioned” one of its teams to explore the benefits and possibilities generative AI tools create.
“More than 7 per cent of the code written at ANZ in the last six months was written by AI,” said Elliot during a webcast about the 2024 results.
“Unlike peers, who will continue struggling with multiple legacy, high-cost and ponderous platforms, our ambition is to have the simplest contemporary platform powered by the best of partners, like Salesforce, ServiceNow, Adobe, AWS and Zafin.”
ANZ bank has also partnered with an “unnamed” company from Palo Alto in California to develop its ANZ Plus solutions to include AI.
Elliott also said that over the last five years, ANZ had invested $2.5 billion in various tools and platforms and now has a team of 7,000 engineers working on developing its corporate offering ANZ Transactive - Global and its digital retail bank, ANZ Plus.
Elliot also said that AI will change how the bank operates, serves customers and competes, but the “impact will be more profound”.
“It will drive a step change in productivity but, more importantly, can drive competitive advantage,” he said.
“Every bank will use out-of-the-box copilots and use them well. These are tactical tools that will be table stakes, and the advantages will be competed away to the benefit of customers. No different than how we all use Microsoft Office today.
“But the competitive advantage accrues to those who engineer strategic solutions using AI and intelligent automation into propositions and critical operations. That is only possible for the few who have invested in building the contemporary technology and data platforms required.
“You can’t build a skyscraper on sand, and you can’t build it overnight.”
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