Banks on notice as Australians consult AI to help choose their lender

Detailed summary

As consumers increasingly ask ChatGPT or Claude for advice on whom to bank with, lenders need better strategies to ensure those models give them a good rap.

For many years, prospective bank customers have used a search engine like Google to help them decide who to borrow from. These days, it’s more likely they will have conversed with artificial intelligence for guidance.

For banks and fintechs, that means efforts to make their brand more visible to search algorithms, a strategy known as search engine optimisation, are no longer enough. A new approach is required to ensure their name pops up in answers delivered by large language models such as OpenAI’s ChatGPT and Anthropic’s Claude.

Opening of the article, excerpted from Australian Financial Review. To read the rest, open the article on the publisher's site.