# John Dimitropoulos on tech innovations revolutionising Australia’s banking and financial services industry

## **Part 2: Artificial Intelligence as a Game Changer**

AI is central to this new era, with its ability to process vast amounts of historical data to make precise and personalised banking decisions rapidly. Liberty IT is actively exploring how generative AI, which can “think” independently faster than a human ever could, can draw on extensive data sets to make informed decisions quickly.

This capability can transform the consumer’s ability to budget, borrow or invest and it can enable banks to understand customer behaviours, spending patterns, important life changes, financial circumstance changes and predict future needs. Should a bank develop that intimate and trusted relationship with its customers the use of AI should be able to proactively detect when a customer may be overstretching their borrowing ability or when they might be approaching financial strife or have unexpectedly experienced hardship. For example, AI will know that a business is thriving and perhaps it is time to grow and expand with new capital funding. It should also know that the family situation is about to change or has just changed in the case of a divorce, death, or natural disaster in which case the trusted financial services provider can be of help in a real moment of need. It can be done responsibly and discreetly and within the guidelines and regulation of privacy laws. Dimitropoulos says.

“For instance, we have a bank that has access to incredible amount and type of information, transaction history information, assets and liabilities information, payments information, needs information … AI can use this information to predict whether this customer is likely to experience strife, or perhaps is suitable for raising capital to expand their business. As circumstances change AI can stay on top and help guide the consumer to making the right decisions. Currently most of the investment in AI for banks is limited on how to improve efficiency in the bank analysing call logs etc. Again, tech for the benefit of the consumer first, the bank second.”