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AMP and UNSW Sydney said the strategic partnership is aimed at advancing the application of AI in financial services.
Leveraging AMP’s knowledge of the financial services industry and UNSW’s expertise in AI research, the goals are to advance the understanding of AI across the financial sector, while maintaining responsible and ethical deployment.
According to a joint statement, the collaboration will focus on four key areas:
- Advancing AI capabilities: Co-developing innovative AI solutions.
- Championing responsible AI: Promoting ethical, accountable AI practices.
- Cultivating future AI talent: Providing students with industry-led experience to build a skilled and diverse AI workforce.
- Empower people: Equipping AMP employees with AI tools and training.
Students, researchers, and academics at UNSW will get the opportunity to work on real-world challenges, while simultaneously generating a pipeline of skilled talent for the financial services sector.
The program is backed by the UNSW AI Institute, with knowledge sourced from the engineering, business, and law faculties. The institute is reportedly the country’s largest AI research body.
AMP’s AI Centre of Excellence will also help drive the program, which has already made headway in embedding generative AI across the bank’s processes.
Alexis George, CEO of AMP, said the need for a concerted effort into research and development of AI in the financial sector is massively important.
She said AI will transform the financial services industry and will help us solve societal challenges, which is why it must be harnessed.
“Critically, as we explore these possibilities, we need to do so from a foundation which ensures we act ethically and responsibly to protect our customers and the broader community,” said George.
The potential and implications of AI advancement and adoption are still relatively unknown. This partnership will help translate research into tangible solutions.
“By combining UNSW’s strengths in artificial intelligence, data science, business, law and technology with AMP’s reach and expertise in financial services, we’re helping to shape AI solutions that are practical, scalable and beneficial to society,” said Professor Attila Brungs, UNSW vice-chancellor and president.
“Together, we’re also creating valuable opportunities for students and researchers to gain hands-on experience and contribute to technologies that will define the future of work, finance and daily life in Australia.”
[Related: Aussie’s mortgage process to become fully AI-led]
