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The latest innovations in AI and what’s to come

Leading AI experts met at SXSW Sydney to discuss the latest in artificial intelligence and what the future holds.

1 November 2024

Panellists sitting on stage in front of audience at SXSW Sydney 2024.
  • Leading AI experts, including CommBank chief decision scientist Dan Jermyn, met at SXSW Sydney to discuss what the future holds for artificial intelligence and how Australia can lead the way in the AI revolution
  • Find out some of the latest innovations in AI and what’s to come, including how it will impact jobs and the role of regulation and frameworks

Artificial intelligence – or AI – has hit the mainstream in recent years with the emergence and popularity of tools like ChatGPT. “Suddenly it was incredibly accessible,” says CommBank chief decision scientist, Dan Jermyn, describing the launch of OpenAI’s chatbot as a “pivotal moment”. 

With the development and use of AI accelerating globally, Jermyn joined leading AI experts at a SXSW Sydney panel event presented by CommBank to discuss what the future holds for the technology and how Australia can lead the way in the AI revolution.

“Artificial intelligence is changing the world as we know it,” says panel moderator Laura Faulconer, portfolio director at CommBank-powered venture scaler x15ventures. “It can unlock efficiencies, innovation and new customer experiences but we’re all very aware that with great power also comes great responsibility.”

Here are some of the latest innovations in AI and what’s to come.

Innovative uses of AI

Artificial intelligence is being applied in exciting new ways across a range of industries. “We’ve seen AI in very different areas addressing really complex and very important societal challenges,” says Agne Makauskaite, head of public policy for regulated industries and regulatory strategy APAC at Amazon Web Services (AWS).

Using Amazon AI tools, Japan’s Fujita Health University was able to improve doctors’ efficiency by reducing the time it takes to write a patient discharge summary to around one minute, and a New Zealand company built a mental health support system for employees that cut down consultation waiting times from six months to two days. Another AWS customer, the International Rice Research Institute, has had “incredible success” using AI tools to develop rice that adjusts better to climate change, says Makauskaite.

Two people holding microphones while sitting on stage at SXSW Sydney 2024. Moderator Laura Faulconer from x15ventures (left) and panellist Agne Makauskaite from Amazon Web Services.

As well as using it to help predict fraud and scams, CommBank uses AI to identify abusive messages being sent via transaction descriptions. “We found some instances of abuse that were happening through that mechanism, which was a surprise to us,” says Jermyn. "The AI helped us to identify this and act and make judgements about appropriate treatments with professionals in that space.” This model has since been made available for free to other banks around the world.

Jobs of the future

No longer just the domain of data and computer scientists, AI is set to become a big part of many of our jobs. “Pretty much every knowledge worker will be using AI as a large part of their job I expect,” says chief executive of the Gradient Institute, Bill Simpson-Young, who has been working in AI for over 30 years.

The technology could also give rise to completely new jobs. “In the early days of ChatGPT, there was a sudden rush around the idea of a prompt engineer,” says Jermyn. “That arose because the way that we interact with these large language models through text and natural language can have a big impact on the outputs that arise. While the space is moving quickly, it’s certainly clear that people with creativity and curiosity will be able to find new ways to explore the opportunities of AI as it becomes ever more accessible."

The experts say that AI education and training within organisations and broader society will become increasingly important. “There’s no way we can harness AI if we don’t have the right skillset in place,” says Makauskaite, citing a recent AWS report that found workers with AI expertise could see their pay boosted by up to 29 per cent1.

Four people holding microphones while sitting on a stage in front of an audience at SXSW Sydney 2024. CommBank’s chief decision scientist, Dan Jermyn, was a panellist at the event.

AI policies and guidelines

Establishing clear regulation and frameworks will be an important part of ensuring AI is developed and used in a responsible way, say the experts. “What is responsible AI is still a very developing concept and we are working on it constantly,” says Makauskaite. “We believe that responsible AI has to be aligned with the rule of law, human rights, has to meet the values of equity, fairness, safety and privacy.”

Simpson-Young points to the Australian Government’s proposed mandatory guardrails for high-risk AI and Voluntary AI Safety Standard2, released in September this year, as examples of how AI regulation is being approached in Australia. “You want to make sure that you’re managing risk while supporting innovation,” he says. 

As AI continues to evolve, Makauskaite says it’s crucial that industry, government, NGOs, educational institutions and communities work together to create a responsible AI ecosystem. “I don’t think that one stakeholder can manage the complex environment and technology that AI is today.”

Visit commbank.com.au/artificialintelligence to find out more about CommBank's approach to AI.

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1AWS, Accelerating AI Skills, March 2024, https://resources.awscloud.com/ai-skills/2024-aws-study-on-ai-skills-in-australia
2Australian Government, Voluntary AI Safety Standard, September 2024, https://www.industry.gov.au/publications/voluntary-ai-safety-standard

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