The industry’s leading businesses have come together to tackle emerging challenges associated with AI. Westpac has announced today it will become one of six founding members forming a consortium of businesses promoting the adoption of artificial intelligence (AI) within financial services.
The UNSW AI Fintech Hub will bring together industry-leading researchers and businesses. Leading enterprises include Amazon Web Services and Databricks.
Westpac Group Chief Technology Officer, David Walker, says Westpac will 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’.
“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,” Mr Walker said.
Also read: Westpac Launches A New Technology Hub In Gold Coast
Dr Eric Lim, Senior Lecturer at UNSW Business School, says the developments in the AI and Fintech space are exciting.
“AI 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, Ignition, BrewAI and Cognitivo Consulting.
Related read: Westpac To Build New Institutional Banking Platform
What is responsible AI?
“Responsible AI” refers to Artificial Intelligence that is designed in a way that minimizes negative impacts on society and the environment. This could include things like:
- Avoiding bias in data collection and analysis processes
- Minimizing the amount of energy used by computers, smartphones, and other devices that rely on AI technologies
- Minimizing the number of jobs lost due to automation
Responsible AI is a movement to ensure that AI is used to benefit society and not harm it. It’s about ensuring that future technologies are developed in a way that doesn’t cause harm, and instead enhances human life.
Why is responsible AI important?
The world has never seen such an exciting or potentially dangerous time for technology as it does now. AI is developing at an exponential rate, but the question remains: how will we use this technology to shape our future?
Will we build AI responsibly and make sure that it doesn’t have any negative effects on the society? Or will we develop it in a way that causes more harm than good? The choice is ours. Westpac’s latest move is a welcome step in the right direction.
