New Westpac data has uncovered the acceleration in Australians adopting AI tools with approximately one million payments for AI subscriptions completed over the last year as the technology becomes part of everyday life.
In an analysis of Westpac card transactions, over 150,000 retail customers are paying for at least one AI subscription each month. This has grown rapidly from 11,000 customers who were paying for AI services three years ago - a 1284% increase. By comparison, growth in the most popular online streaming service grew by 35% in the same period.
According to the data, customers are spending a total average of $5.6 million each month on AI tools across learning, productivity, creative services and personal digital assistants.
Carolyn McCann, Westpac Chief Executive of Consumer, says the growth reflects a step change in how Australians are choosing to work, learn and manage their lives.
"This is a rapid shift in behaviour as customers embrace AI to make daily tasks faster, easier and more personalised," McCann said.
"It's clear that AI has moved well beyond hype. It's now becoming more embedded as a practical tool that Australians are increasingly relying on, whether for study, work or managing the household."
According to the data, strong growth in AI adoption is occurring across all age groups however Millennials are leading the charge with the highest number of users. Gen X is showing the biggest growth up 1680%, followed by Millennials (1205%), Gen Z (1149%) and then Baby Boomers (786%).
"Gen X is leaning in strongly. They're experimenting, adapting quickly and seeing immediate value," McCann said.
This trend is also being reflected in workplaces, with Westpac employees now using Microsoft 365 Copilot each day. This follows a recent roll-out of Copilot to the bank's global workforce, one of the most significant deployments of the tool undertaken by an Australian company.
"Helping teams work more efficiently and access information faster means our people can focus on important tasks like supporting our customers," McCann added.
In an Australian banking first, Westpac customers are now able to view and cancel subscriptions directly through the Westpac app. Developed in collaboration with Mastercard, the new feature gives customers a full picture view of all their subscriptions with the ability to view and cancel unused or unwanted services.
