logo
Bankers best-placed to win over public on artificial intelligence, ASIC boss Joe Longo says

Bankers best-placed to win over public on artificial intelligence, ASIC boss Joe Longo says

West Australian3 days ago
The Australian Securities and Investments Commission has tasked the country's banking industry with assuaging public distrust in artificial intelligence by proving it can be used for customer good.
But the watchdog also affirmed it's in no rush to regulate the fast-moving technology.
A speech to be delivered by chair Joe Longo on Wednesday will set out the conundrum the corporate regulator faces in both trying to allow the purported benefits of AI to flourish, while managing its potential harms.
'Cutting-edge technology can't leave your customers bleeding,' he will tell an Association Banking Association conference in Sydney.
'We've already seen that customer trust in AI and its potential to improve customer service is eroding. If banks get this wrong, we're likely to see a significant setback in AI legitimacy and trust.'
Mr Lungo suggested as an example that banks might implement AI to help monitor vulnerable customers and ensure they aren't being overcharged banking fees.
Mr Longo will also make the case that as 'sophisticated operators', banks have the right governance structures in place to 'lead Australia's AI revolution', after a recent survey found only four in 10 Australians actually trust the technology.
'The latest research by RepTrak and KPMG shows that over the last 12 months, Australians' trust in AI has declined,' he will say.
'And, since Australians interact with their banks in some form or other every day – if you get AI right, that will go a long way toward addressing Australians' general hesitation around AI.'
ASIC's present view is that it should not be rushing into targeted AI regulation, with Mr Longo saying the group plans to 'see just how far' current frameworks will last as the technology develops.
Although he also warned that the watchdog was keeping a close eye on how AI was being used.
'We will take enforcement action where appropriate, where we see misconduct occurring. So yes, you will get in trouble when technology is not used responsibly,' he will say.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Gen Z's broke future: Glaring data from superannuation report exposes foundational problem modern conservativism faces
Gen Z's broke future: Glaring data from superannuation report exposes foundational problem modern conservativism faces

Sky News AU

time3 hours ago

  • Sky News AU

Gen Z's broke future: Glaring data from superannuation report exposes foundational problem modern conservativism faces

A survey released by Finder this week is another glaring example of the problem Australian conservatives have spreading their message. The survey investigated people's attitudes towards their superannuation - asking 'do you think you'll have enough superannuation to get by in retirement?'. About 20 per cent said they will not have enough in either their super or investments, 10 per cent believed they wouldn't have enough in super, but would in other investments. And 27 per cent said they didn't know if they would have enough super or not, and another 20 per cent thought they would have enough - but would need to cut back on spending. Just 24 per cent of respondents believed they would have enough money to comfortably retire. Sure - most people aren't experts on superannuation. A lot of people would struggle to come up with a ballpark figure of how much money is in their superannuation account, what will it likely be when they retire or how much money one needs to retire. But that's not the point. The point is - to 77 per cent of Australians, it doesn't feel like they are going to have a retirement to look forward to. The bad news for the 'vibe' of Australians doesn't stop there. A report by the Australian Housing and Urban Research Institute in November found 59 per cent of private renters believed they would never be able to afford their own home. The e61 Institute last month found that 'the average age of final repayment [of student debt] rose from 32.7 in 2012 to 34.8 in 2022'. On face value, this should be good for conservatives politically. The Labor Party are now in their second term in government, and if Australians are pessimistic about the economy and their future they will want to change the leader. But really - this is a crossroads moment for conservatism. Conservatism at its heart is a backwards-looking ideology. It insists that society was operating effectively at a past point, and still is in most cases - so wants to act as a handbrake on further change that would undermine what was working. But for the message of conservatism to pass on, the listener must accept the premise that society is working. They have to believe there is a society worth fighting to protect. Konstantin Kisin told the Alliance for Responsible Citizneship conference in 2013: 'you will never get young people to want to conserve a society and an economy that is not working for them.' He was talking in Britain but could easily have been talking about Australia. If you are a young Australian who does not believe you will ever afford a house, are not confident you'll have enough money to retire and correctly believe it will take you longer to pay off your student debt - then you are not going to believe society is working. You are also unlikely to be thankful that society was working well at one point in the past, since your struggles are downstream of whatever 'good times' came before you. Former generations may tell you that buying a house has always been a challenge, but when in 2002 an average house in Sydney cost 8.3 times the average full-time wage and today it is 14.4 times the average full-time wage - well, the empathy rings hollow. Conservatives are not going to win young people to their ideology or their political parties through appealing to a positive vision of the past, or a negative vision of a future derailed by radical change. It will bounce off young people like a tennis ball against a wall. In fact, radical change can sound kind of appealing to people who think their lives will be spent meandering through a country's decline - and the parties and people that push the radical change start to sound quite appealing. Thankfully, Australia's brushes with 'radical parties' have been barely noticeable so far - with the Greens satisfied reliving their university activist days through meaningless Parliamentary stunts that don't actually hurt anyone, and Fatima Payman thinking becoming the Gen Z spokespolitician means merely seeing how many Gen Z phrases she could cram into one Senate address. But they could be coming. History has plenty of examples of disaffected, lost and angry generations turning to disgusting leaders - if only because they offered a rope out of the pit. Conservatives must instead appeal to a positive vision of the future. They must demonstrate how conservative values can build a better society, rather than return to an old one. Because appeals to rebuild an era young people did not live in, and protect a time they do not enjoy, are doomed to fail. James Bolt is a contributor

REVEALED: The surprising WA suburb to spend the most online
REVEALED: The surprising WA suburb to spend the most online

Perth Now

time4 hours ago

  • Perth Now

REVEALED: The surprising WA suburb to spend the most online

Cost of living pressures? Not in Mandurah… residents of the 6210 postcode spent the most online in WA and were one of the top spenders in the country during the end-of-financial-year online shopping boom. Australians spent $19.2 billion online in the last quarter as the anticipation of interest rate cuts and easing inflation sparked a surge in end-of-financial-year shopping, according to Australia Post's latest Quarterly eCommerce Report. The top shopping suburbs in WA were Mandurah, Success and Wanneroo. Mandurah was in the top five locations for online shopping Australia-wide. From April to June this year, there was a 15 per cent increase in online spending with 7.9 million Australian households shopping online. Australians spent $4.2 billion through online marketplaces, food and liquor attracted $3.9 billion in online spending, followed by $2.7 billion spent on fashion. Millennials contributed $6.9 billion to online shopping, and appeared to have the most discretionary spending of any generation, followed by Gen X ($5.3 billion) and Gen Z ($3.4 billion). Gen Z saw the biggest increase of any generation, seeing a 16% growth since last year. Toowoomba (QLD), Mackay (QLD), Bundaberg (QLD), Point Cook (VIC), and Mandurah (WA) shopped the most online. Australia Post general manager Chelsea O'Reilly said consumer behaviour has shifted when it comes to how they shop online. 'With inflation cooling and consumer confidence returning, we're seeing more Australians shop online, with higher expectations,' she said. 'Shoppers are spending more, but they're also expecting more in the way of speed, convenience and value. 'Retailers that put the customer experience first, through faster delivery and more flexible options will stand out in an increasingly competitive landscape'. To learn more about online shopping trends and consumer insights, visit:

Australians should be ‘very afraid' of the Treasurer's economic roundtable
Australians should be ‘very afraid' of the Treasurer's economic roundtable

Sky News AU

time10 hours ago

  • Sky News AU

Australians should be ‘very afraid' of the Treasurer's economic roundtable

Sky News host Steve Price says Australians should all be 'very afraid' of what might come of next month's economic reform roundtable. Australia's ailing productivity will be the subject of the roundtable led by Treasurer Jim Chalmers next month where leaders across business, politics and unions will discuss the nation's poor growth. Economic and productivity reform was a lower priority during the Albanese government's first term, despite slow growth and the country sitting in a per capita recession.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store