AI a step closer for financial services sector

The UNSW AI Fintech Hub will bring together industry-leading researchers and businesses, including Amazon Web Services and Databricks, to tackle emerging challenges associated with AI.

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

“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’,” he said

“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.

“One of our first goals, for example, is to help organisations measure their transition to Net-Zero 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 developments in the AI and fintech space 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.