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Marion (Head of Client Service): Hi, I’m Marion Fryer.
Jess (Product Manager - Data & AI): Hi, I’m Jess Laubscher.
Marion: Jess, we’ve been hearing a lot about Artificial Intelligence, or rather AI of late. And I know our Macquarie customers are really eager to know how Macquarie is using AI and what this means for everyday banking.
Jess: Yeah, thanks Marion. And it’s certainly something that’s on everyone’s mind. At Macquarie, we’re passionate about creating banking experiences that our customers love, and for us, AI is an incredible tool that helps us make our customer financial journeys safer, easier, and more personal.
Marion: That sounds promising, but how does it actually work? How will it make customer experiences better?
Jess: So, we see AI helping our customer in three key ways.
Jess: We use AI to build seamless and intuitive tools that make everyday banking quick and easy. For example, our 24/7 AI agent Q provides fast and tailored responses to our customers’ everyday banking questions, and this makes the interactions with us much smoother.
Marion: So, things just work like they should. I like the sound of that. I guess my, and our customers’, biggest concern, thought, is security.
Jess: And it’s our too, Marion, and that would be my second point: enhanced security. So, we have AI constantly working in the background to proactively identify fraud and help prevent financial crime in real time. We use AI-enabled capabilities like behavioural biometrics to proactively help safeguard your account from threats.
Marion: That’s really reassuring.
Jess: Yeah, and finally, we use AI for faster processes.
Jess: We are constantly using AI in the software-development lifecycle, which means we can use it to design and build our systems. And so that means we can get faster and smoother experiences to our customers. From opening an account to getting the help when you need it.
Marion: It’s great that things are faster and easier, but I think people are worried about how it’s all managed. How do we use AI safely?
Jess: It’s a really important question Marion, and trust is everything. We have a dedicated AI governance forum that provides central oversight and we keep a comprehensive inventory of all of our AI solutions. Human oversight and input to this forum is crucial, especially when it comes to decision-making.
Marion: So, there’s always people involved.
Jess: Absolutely. AI enhances what we do, but it really doesn’t replace the care and expertise of our Macquarie team.
Marion: Mmmm.
Jess: To ensure than AI system remains safe, reliable, and fit for purpose, our Macquarie team build them using quality data and they implement monitoring processes to ensure that the system is performing as intended over time, and is safe from manipulation. This all goes into our AI “Privacy by design” approach to customer data.
Marion: So, what does “Privacy by design” actually mean in practice?
Jess: It means that the security of your personal information is fundamental from the start. Whilst our AI solution may be built using models developed by us, or by our trusted third parties, we always make sure to take robust measures so that your data is protected.
Marion: Right.
Jess: When using third parties, we work really closely with them to ensure that your data is handled with care. This is through data anonymisation and making sure that these third parties meet our strict security standards.
Marion: So, it sounds like there’s a lot of checks and balances in place.
Jess: There definitely is. As you know, Marion, we’re always listening to customer feedback on how we can improve our systems. At the end of the day, our goal is to use these advancements enabled by AI, to better empower our customers.
Marion: It’s really good to know that our customers’ experiences are made better and there’s so much thought and care behind the scenes. It really does provide confidence that Macquarie is using AI responsibly for our customers.
Jess: We’re really excited, not only for how we’re using AI today, but for the new and innovative features that are just around the corner.
Marion: That’s great Jess. There’s so much on the horizon, and I’m sure our customers are really looking forward to what’s coming next.
Get quick and seamless help with intuitive tools designed to make managing your banking easier.
Our 24/7 AI agent, Q, provides smarter, faster support – making managing your money easier and more personal.
Feel confident knowing our AI is working to help detect fraud and keep your accounts and information safe.
This includes AI enabled detection and prevention capabilities, such as behavioural biometrics, to proactively help safeguard your account from fraud and other threats.
We’re building smarter processes that deliver faster and smoother experiences, so you can bank when and how you want.
We leverage AI to help create communications that are engaging, easy to understand and reflect our customer obsession. This may include the production and use of images, videos, text, and audio to help you get the information you need, when you need it.
We know trust is everything when it comes to your finances. That’s why we’re committed to using AI responsibly, with clear safeguards and human oversight at the core of our approach.
We believe AI should enhance, not replace, the care and expertise our team provides. That’s why there are appropriate levels of human control in our processes, especially for critical decisions.
We design our AI to be customer-centric and actively work to identify and mitigate the risk of bias, unfair outcomes, or discrimination, ensuring our solutions are built with ethical design principles.
We’ve established a dedicated framework to develop, deploy and monitor our inventory of AI solutions, responsibly. This includes our AI Governance Forum which provides clear roles for oversight, risk management, and compliance.
Our solutions are designed to be reliable and perform as intended. We strive to make them transparent and explainable, to have confidence in how they operate and what they produce and take responsibility for their development and outcomes.
So our AI systems remain safe, reliable, and perform as intended, we build them using quality data and monitor their performance over time. We also have safeguards in place by design and actively monitor for activity that seeks to manipulate our systems or generate harmful, inappropriate, or unintended responses.
Our AI solutions may use models from us or trusted third-party providers. We require all partners to meet our security and privacy standards, using safeguards where possible, like data anonymisation, so that your information is handled with care.
The security of your personal information is fundamental. To give you confidence your privacy and data are protected we build our AI solutions with a ‘privacy by design’ approach, meaning there are robust measures in place to safeguard your information and handle your data with the highest level of care, in line with Australian privacy regulations.
More information on how your personal information is handled can be found in our Privacy Statement.
We’re driven to make your banking experience better every day. By listening to your feedback, we aim to continually improve our systems and innovate to empower you.
We’re continually investing in enhancing our AI capabilities, so you can continue to experience smarter and seamless digital banking. With exciting new features and innovations on the horizon, there’s so much more to look forward to.
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This information is provided by Macquarie Bank Limited ABN 46 008 583 542 AFSL and Australian Credit Licence 237502 and doesn't take into account your objectives, financial situation or needs – consider if right for you. Q's responses can include AI-generated summaries from Macquarie knowledge and databases, including transaction searches and summaries. You should always check your official statements before making product or other financial decisions.