NAB says AI will cut the drudgery for its bankers
National Australia Bank is considering how widely to roll out generative artificial intelligence technology to help bankers draft emails to clients and prepare credit reports on corporate borrowers.
In a further sign that the deployment of AI by major banks is set to take off, NAB said it is working with US software giant Microsoft on trials to embed AI technology into the software most bankers use to send correspondence, create presentations and record meetings.
NAB chief data and analytics officer, Christian Nelissen: “We need to decide on how widely we roll it out, and are minded to move on these things as quickly as possible.”
The pilots, which other major banks are also participating in, come ahead of the global launch of Microsoft 365 Copilot on November 1 that will deploy AI into Microsoft Teams, Word, PowerPoint and Excel to boost worker productivity.
NAB is also testing AI with other vendors, including Amazon Web Services and Databricks, another US company based in San Francisco.
AWS is helping NAB’s software teams write more efficient code, while Databricks and NAB are developing ways for its corporate and business bankers to write credit memorandums on companies, a key part of the loan approval process.
“No doubt, AI will change the way we work,” NAB chief data and analytics officer Christian Nelissen said.
“Our key focus is giving our people more time to spend with customers to develop higher quality relationships and to do less of the boring stuff. By taking out 80 per cent of the work that is drudgery, it leaves you with the 20 per cent that involves time with colleagues and customers.”
Some corporate bankers might deal with 20 or 30 emails from customers a day, which could take hours to respond to. By
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