Wed Sep 18 03:39:08 UTC 2024: ## Australian Bank’s AI Experiment Sparks Concerns About Job Losses in New Zealand

Commonwealth Bank of Australia (CBA), which owns ASB in New Zealand, is experimenting with advanced AI chatbots to potentially replace thousands of call centre staff. This has sparked concerns about potential job losses for New Zealand’s call centre workers as well.

CBA is currently trialing a generative AI chatbot called “Hey CommBank” with its own employees who are also customers. While ASB claims they have no plans to replace a large number of roles “any time soon,” experts suggest that AI-driven voice and chatbot technology is rapidly advancing, potentially approaching human-level capability in customer service interactions.

This development has drawn criticism from the Finance Sector Union in Australia, which expressed concerns about the lack of consultation before the trial’s launch and the potential impact on workers.

Victoria University AI lecturer Andrew Lensen argues that while AI might be beneficial for some customers, the transition needs to be managed fairly. He highlights the potential for significant job losses and calls for government leadership in addressing the issue, including re-skilling programs for displaced workers.

Lensen also raises concerns about the potential for AI-driven financial advice and services to be susceptible to errors, citing the case of Air Canada’s AI chatbot giving incorrect information about bereavement policies.

Despite these concerns, CBA is pushing forward with its AI initiatives, partnering with Amazon to power its “AI Factory” using advanced technology. The bank is already using AI to monitor customer interactions, analyzing conversations and sentiment to ensure customer satisfaction.

This raises the question of whether New Zealand’s banking sector, largely owned by Australian companies, will follow suit, potentially leading to job losses and requiring proactive measures to support affected workers.

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