ANZ, one of the largest banks in Australia and New Zealand, is enhancing its services with advanced artificial intelligence (AI) capabilities to improve both customer experience and internal operations. Through a collaboration with fintech platform Bud Financial, supported by AI technology from chip giant Nvidia and AI tech stack vendor DataStax, ANZ is introducing AI […]
ANZ, one of the largest banks in Australia and New Zealand, is enhancing its services with advanced artificial intelligence (AI) capabilities to improve both customer experience and internal operations.
Through a collaboration with fintech platform Bud Financial, supported by AI technology from chip giant Nvidia and AI tech stack vendor DataStax, ANZ is introducing AI solutions to help customers manage their finances more effectively through smarter insights and improved data interactions.
ANZ employees will also be able to conduct advanced customer analysis and segmentation using intuitive natural language search tools.
The new AI-powered solutions claim to deliver faster insights while reducing costs and delays in data processing.
By integrating advanced AI tools, Bud Financial said that it was enhancing its financial data classification and enrichment services, which play a crucial role in improving customer experience.
The vendor’s platform claims to use AI technology to enrich transaction data, identifying useful details like merchant names, transaction categories, locations, and recurring payments.
Bud said that this enriched data provides clear insights that allow ANZ to better understand customer behaviour, streamline lending processes, and improve financial management tools for their customers.
To power these services, Bud Financial uses the DataStax AI Platform, built with Nvidia AI technology. Key components include Nvidia NeMo Retriever, Nvidia NIM microservices, and Nvidia AI Enterprise.
TI:Talks with Michael Cullum, VP of engineering & data at Bud Financial
According to Bud, these technologies enable it to process data significantly faster than traditional methods, improving efficiency and reducing costs.
Bud has also integrated Nvidia Triton Inference Server and DCGM Exporter to improve the performance of its data enrichment services.
It said that this enabled it to deliver real-time financial insights with improved speed and reliability, ensuring faster responses to customer needs.
“At Bud, our goal is to provide banks and financial institutions with the most accurate, real-time insights possible,” said Michael Cullum, VP of engineering & data at Bud Financial.
“By working with DataStax and Nvidia, we’re able to deliver faster, more reliable financial intelligence that transforms how institutions like ANZ understand their customers.”
Banks that are using AI to enhance customer experience
In a similar move last year , Commonwealth Bank (CBA), Australia’s largest bank, is heavily investing in artificial intelligence (AI) to enhance its services and improve operational efficiency.
CBA’s AI initiatives have led to significant benefits, such as reducing call centre wait times by 40% and halving scam losses.
The bank’s CEO, Matt Comyn, highlighted that while AI will boost productivity, its full impact will become evident over time.
Elsewhere, UK bank NatWest’s chatbot Cora + incorporates both generative AI – using multiple foundational models from IBM, Meta and Open AI – as well as traditional AI – so that customers can have a more natural conversational engagement with the bank.
