AI to Boost Australian Bank Stocks Like CBA, Perpetual Says
- Perpetual Industrial Share Fund has gained 13% this year
- AI should help CBA, peers cut costs: fund manager Aboud
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Perpetual Investment Management Ltd. stock picker Anthony Aboud is putting on an early wager on the benefits of artificial intelligence for Australia’s banks.
Commonwealth Bank of Australia stands to gain the most among peers, given its track record as an early adopter of technological innovation, he said in an interview in Sydney. AI will help the country’s largest lender cut costs as processes become more automated, he said.