Westpac has partnered with five organizations to establish a new consortium dedicated to pioneering research on the responsible implementation of artificial intelligence (AI) within the financial sector.
The FinTech AI Innovation Consortium, led by prominent academics from the University of New South Wales (UNSW), unites founding members including Westpac, Amazon Web Services, Databricks, BrewAI, and Cognitivo Consulting.
“The consortium aims to bridge the gap between theory and practice in AI applications,” states Professor Fethi Rabhi from UNSW’s School of Computer Science and Engineering. “It serves as a comprehensive resource for businesses eager to leverage AI to address real-world challenges.”
Rabhi highlights that PhD students specializing in AI will be engaged to solve complex issues presented by the consortium’s industry partners.
David Walker, Westpac’s Group Chief Technology Officer, emphasizes the transformative potential of the consortium’s work. The bank has committed an initial investment of $230,000 over three years to support the recruitment of PhD candidates. “This collaboration will be instrumental in advancing and scaling the next generation of AI tailored for the financial industry,” Walker remarked during a session at TechX, Westpac’s five-day internal technology convention.
“Currently, all AI applications at Westpac are ‘supervised’, but the field of ‘unsupervised’ AI is rapidly evolving. We must establish safeguards and protocols to ensure that any AI deployed operates in a responsible and ethical manner, devoid of bias,” he added.
One of the consortium’s primary objectives is to aid organizations in measuring their journey towards Net-Zero emissions. This will involve developing quantitative tools and AI models that provide precise and industry-specific carbon accounting estimates.