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Market Chatter: Westpac Banking Uses AI Agents to Assess Mortgage, Credit Card Applications, AFR Reports

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Westpac Banking's (ASX:WBC) workers are using artificial intelligence agents in a multi-agent system, built using AWS's Bedrock AgentCore system, to assess mortgage and credit card applications, the Australian Financial Review (AFR) reported on Wednesday, citing the bank's chief digital, data, and AI officer, Andrew McMullan.

One agent assessed borrowers' accounts, classifying transactions to reduce the need for manual reviews, another extracted payslip data, while a third verified the income and conducted the calculations against lending policies.

The agents processed over 1.5 million transactions and saved 12,500 hours for workers in July, the first month of operation.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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