Macquarie Bank takes an AI-first approach to digital banking

It's the latest phase of its multi-year partnership with Google Cloud

Macquarie Bank takes an AI-first approach to digital banking

Macquarie’s banking and financial services group has teamed up with Google Cloud to embed artificial intelligence and machine learning into its digital banking and technology ecosystem, to deliver improved experiences to its retail banking customers.

Greg Ward (pictured above), head of Macquarie’s banking and financial services group, said the bank will leverage its significant investment in its technology stack to apply an AI-first approach across its digital and data platforms.

“In this next stage, we will deliver even more seamless, intuitive, and personalised digital experiences to all of our personal banking customers through new AI and ML-enabled features and functionality,” Ward said.

In a statement, the bank said its engineers and developers are now working together with Google Cloud to build new AI-led banking solutions that will play a crucial role in delivering further personalisation at the individual level.

New capabilities will be added to the bank’s offering that will enable customers to forecast their personalised cashflow for the next 12 months, get prompts of due dates and additional relevant information, and automate regular account activity in their everyday banking. Enhancements will also cover detection of fraudulent documents in loan applications and fraudulent payment activity.

Macquarie said it will also work with Google Cloud to embed AI and ML functionality across its customer service functions.

“This includes generative AI use cases in its contact centre with ‘smart agent’ capabilities, and in a range of risk-management processes to further enhance the protection of its 1.8 million Australia-based customers,” the bank said. “Other AI use cases will build in enhanced insights for customers travelling overseas and individualised suggestions to make use of Macquarie’s mobile app functionality, including through the Macquarie Marketplace.”

Zac Maufe, head of regulated industries at Google Cloud, said this latest cooperation between Macquarie Bank and Google Cloud is the progression of a multi-year partnership.

“By combining Macquarie’s expertise in financial services with Google Cloud’s AI and machine learning capabilities, we can create new and innovative ways to help their customers manage their money and invest for the future,” Maufe said.

Macquarie was awarded in 2023 Broker on Banks survey, learn more about the overall winners for the best banks for mortgage in Australia here.

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