Australian banking major Westpac has joined forces with professional services company Accenture to enhance its digital banking services through artificial intelligence (AI)-powered agents, known as agentic AI.
These AI agents are designed to go beyond the capabilities of traditional chatbots by mimicking human decision-making and performing tasks autonomously.
Go deeper with GlobalData
The collaboration has already yielded efficiency gains, with one AI agent reducing a software migration task from six days to just one hour.
Westpac’s general manager for data platforms, Pieter Vorster, stated, “We are exploring multiple applications for these agents across products, customer service, fraud prevention, and more.”
Banks are increasingly adopting agentic AI to streamline workflows, automate compliance checks, and manage customer interactions more effectively.
Accenture has noted that AI-powered agents are not only enhancing productivity by an estimated 20% to 30% but are also advancing the operational dynamics within banks.
These agents are becoming “quasi employees,” collaborating with human teams to transform banking processes.
The move by Westpac is part of an industry shift towards AI integration, with other leading banks such as Commonwealth Bank also investing in similar AI technologies.
Earlier this month, Westpac announced that it now permits mortgage borrowers to create several offset accounts linked to their home loan at no additional cost, enhancing their financial management options.
