While reports of AI implementation catalyzing automation for organizations are abundant, those reports are usually more anecdotal at this point in time, rather than data based. But Australian financial institution ANZ, in its recent 2024 full-year results call, detailed some of the ways AI has been utilized. The headline takeaway, according to CEO Shayne Elliott, is that tools leveraging generative AI in the last six months have written more than seven percent of the code the bank uses to run its systems.
Elliott told investors on the earnings call that ANZ has invested more than $2.5 billion in technology platforms over the past five years that have positioned it to enjoy advantages over others in its industry.
“[AI] 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.”