7% of ANZ bank code in last 6 months is generated by AI
ANZ Banking has revealed that more than 7% of code written in the last six months was generated by AI.
During its 2024 annual results, ANZ CEO Shayne Elliott told investors it was an early adopter of AI after integrating GitHub Copilot.
In May 2023, the bank also “previously sanctioned” one of its teams for exploring the benefits and possibilities created by generative AI tools.
“More than 7% of the code written at ANZ in the last six months was written by AI,” Elliot said during a webcast on the 2024 results.
“Unlike our peers, who will continue to struggle with multiple legacy, expensive and cumbersome platforms, our ambition is to have the simplest contemporary platform, powered by best-in-class partners, like Salesforce, ServiceNow, Adobe , AWS and Zafin.
ANZ Bank has also partnered with a “public” company in Palo Alto, California to develop its ANZ Plus solutions to include AI.
Elliott also said that over the past five years, ANZ has invested $2.5 billion in various tools and platforms and now has a team of 7,000 engineers working to develop its ANZ enterprise offering. Transactive – Global and its digital retail bank, ANZ Plus.
Elliot also said AI would change the way banking operates, serves its customers and competes, but that “the impact will be deeper.”
“This will lead to a step change in productivity but, more importantly, can generate competitive advantage,” he said.
“Every bank will use ready-made co-pilots and use them well. These are tactical tools that will be table stakes, and the benefits will be competed for the benefit of customers. It’s no different from how we all use Microsoft Office today.
“But the competitive advantage goes to those who design strategic solutions using AI and intelligent automation in critical propositions and operations. This is only possible for a few who have invested in creating the required contemporary technologies and data platforms.
“You can’t build a skyscraper on sand, and you can’t build it overnight.”
