ANZ Bank to Deploy AI Agents for Productivity Boost
ANZ Bank is set to introduce AI agents into its operations to enhance productivity. Gerard Florian, the group executive of technology, described this initiative as the bank’s “single-biggest change program” in the coming years. The first phase involves AI agents assisting business bankers by generating company and sector reports, which will improve preparation and engagement during client meetings.
Looking ahead, AI could automate more complex tasks such as triaging loan applications. ANZ has developed two platforms, Plus and Transactive, designed to support “agentic” AI—systems that perform tasks with minimal human input. The bank uses Salesforce’s Agentforce software, which recently launched AI tools for financial services to automate functions like presenting loan options and preparing investment reviews.
Australian Banks Racing to Adopt Agentic AI
ANZ’s AI strategy is part of a broader trend among Australia’s "Big Four" banks, all exploring agentic AI technologies. Westpac, for example, partnered with Accenture early in 2025 to cut a software migration task from six days to just one hour, demonstrating notable efficiency gains.
Commonwealth Bank has developed multi-agent AI solutions that generate personalized content and automate testing processes, while NAB is investigating similar AI applications to enhance customer experience. These developments signal a move beyond simple chatbots toward more autonomous AI systems—reflecting the fact that a significant share of banking interactions now take place through digital channels.
This focus on AI adoption highlights how banks see the technology as essential to staying competitive, especially as digital banking features become more standardized.
Significant Economic Opportunity from AI Productivity Gains
The financial benefits of AI in banking are substantial. Industry estimates suggest AI could add up to $1 trillion in annual value to the global banking sector. This explains why ANZ considers its AI rollout its most significant change program yet.
Early implementations have shown productivity improvements of 20-30%. Globally, AI-driven banking revenue is expected to jump from $81.3 billion in 2022 to $383 billion by 2030. These gains will improve internal operations and customer experience alike, with AI increasingly used to analyze behavior patterns and customize products.
Financial institutions are responding by doubling their AI investments between 2023 and 2027, with spending forecast to exceed $400 billion worldwide.
Balancing Innovation with Governance and Risk
Despite enthusiasm for AI, banks are cautious. Only 29% of financial services firms report having a formal AI strategy. This caution is driven by concerns over risks such as errors from insufficient human oversight, skills shortages, and regulatory compliance challenges that could impact financial stability.
Regulators, including the Bank of England, have flagged risks from firms collectively relying on similar AI models. ANZ’s choice to begin AI use with meeting preparation rather than autonomous lending decisions reflects a prudent approach to building confidence in AI before applying it to higher-risk areas.
Financial authorities worldwide are increasing their monitoring of AI developments, creating a regulatory environment that requires banks to balance innovation with risk management.
Further Learning
- Explore AI applications in financial services on Complete AI Training to understand how AI tools are transforming banking operations.
- For operations professionals interested in expanding AI skills, relevant courses are available at Complete AI Training’s courses by job role.
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