National Australia Bank launches digital assistant for superannuation

Mr Lawrence said once the customer has had their questions answered, it is up to them to act on the information they have received via traditional methods such as going to the NAB website or using the call centre.

Best support

NAB will keep a record of queries made as a way of learning about what their customers are interested in, and will eventually have about 40 questions available.

Topical issues such as the current debate about changes to the dividend imputation system were unlikely to be included, said Mr Lawrence.

"The more they can self-serve and do their own research, and for us to be able to solve basic questions for them in a channel that suits them, is what this is all about," said Mr Lawrence.

"Of course finding out more about what customers are needing in terms of information allows us to provide the best support we can."

Increasingly banks and health insurers are looking at ways they can use data or machine learning to lower costs and better manage the health or financial future of their customers.

Nib Holdings chief executive Mark Fitzgibbon told the Financial Review this month that it was considering whether to ask Nib customers for their permission to access government site My Health Record, an online summary of people's health information.

At the same time Morgan Stanley analysts said the purpose of physical bank branches "will tilt from transactions to sales and advice. We see the adoption of smarter, smaller branch designs, reduction in branch count, and active guidance of customers to mobile self-service".

Immediate action

Mr Lawrence said for the time being the virtual super assistant would sit alongside other channels of engagement designed to improve the "accessibility of super".

"We initially see AI providing information as opposed to changing algorithms or setting terms for people's investment," he said.

"Over time, we expect customers will have immediate access to their personal financial information at any time of the day, and they'll have access to help, guidance and advice in a way that completely integrates with their day-to-day lives."

The bank is testing the idea with Google, but may expand the services to make it work with similar digital assistants from the likes of Apple, Amazon and Microsoft.

"Superannuation is generally considered to be a low-engagement environment. We believe digital capabilities such as virtual assistants and conversational artificial intelligence will go a long way towards bridging the gap," Mr Lawrence said.

The launch of the service on Friday follows last year's trial of a "Talk to NAB" banking application designed to see how keen customers will be to conduct their banking affairs by simply talking to the air freshener-like devices, which are now available in Australia.NAB said last year it planned to halve the number of financial products it sells and boost technology spending by $1.5 billion.