Westpac Banking (ASX:WBC, NZE:WBC) said its customers are spending a total average of AU$5.6 million per month on artificial intelligence (AI) tools, citing card transactions data, according to a Monday statement.

Individually, customers are spending an average of AU$37 per month on AI subscriptions as of March. Overall, customers spend around AU$6.7 billion annually on subscriptions.

Over 150,000 retail customers are paying for at least one AI subscription each month as of March, up from 11,000 customers who were paying for AI services as of March 2023. This represents an increase of 1,284%.