Westpac joins industry experts for fintech AI hub

Westpac is one of the six founding members of the UNSW AI Fintech Hub, which will promote the adoption of artificial intelligence (AI) within financial services.

This hub will bring together industry-leading researchers and businesses, including Amazon Web Services and Databricks, to tackle emerging challenges associated with AI.

David Walker, group chief technology officer at Westpac Group said the bank would be able to “contribute and benefit from the rapid developments of AI”.

He said, “AI is becoming more and more advanced and with that is a need to ensure it is used in the right way, ‘AI for Good’.

“We are incredibly excited to participate with UNSW and tap into the expertise of the consortium to solve important and complex problems across the sector, from helping customers, to reducing risk, and supporting businesses with their sustainability priorities.”

Walker said one of the hub’s first goals is to help organisations measure their transition to net zero emissions by developing quantitative tools and AI models that can offer more accurate and sector-specific carbon accounting estimations.

Dr Eric Lim, senior lecturer at UNSW Business School, said the AI and fintech developments are "exciting".

“It represents an extension of our physical lives into a virtual domain,” Dr Lim said.

“For AI to serve humanity we must always consider how it is applied, and ensure AI serves as part of a critical and ethical infrastructure for the new Web3 economy.”

Founding members of the consortium include UNSW, Westpac, Amazon Web Services, Databricks, BrewAI and Cognitivo Consulting.

Earlier this year, Westpac signed a five-year strategic deal with Microsoft to help bolster the bank’s digital and multi-cloud strategy.

The partnership includes increased investment in Microsoft’s cloud computing service, Azure, which will help Westpac continue to modernise its technology environment and expand the use of cloud-based systems.