These innovations, however, raise concerns about the role of traditional staff.
Major banks are investing in AI to create software agents that can perform tasks typically handled by human bankers. The goal is to address workforce shortages and expand support for small businesses across Australia. At the same time, potential job losses and customer trust issues have caught the attention of regulators, who are monitoring the situation carefully.
These AI systems go well beyond standard chatbots. They are designed to make decisions, carry out financial tasks and initiate client contact with tailored recommendations. Commonwealth Bank is testing virtual relationship managers and consulting with oversight bodies to ensure the rollout is ethically sound. Other major banks including NAB, Westpac and ANZ are also building these digital agents to automate routine operations such as loan assessments, meeting preparation and client communications.
CBA, which services over 1.3 million small businesses, claims its move towards AI is not about reducing staff but stems from a lack of skilled bankers in the job market. With just 5,500 business bankers on hand, the bank says it needs technology to scale services without increasing staff numbers in a direct ratio. NAB and Westpac echo this view, framing AI as a way to support rather than replace their workforce.
This widespread AI adoption marks a major shift in Australian finance. Though banks emphasise that AI agents are intended to complement human expertise and improve the customer experience, previous missteps create scepticism. For example, CBA's recent call centre redundancies following chatbot expansion have led to questions. Authorities including APRA and ASIC are examining how AI affects service quality, ethics and customer outcomes.
If successful, these AI systems could eventually serve business owners as digital advisors providing customised financial guidance and proactive assistance. Yet regulators warn that if public trust erodes early, the broader potential of AI in banking may fail to materialise.
