AI is changing how people bank, save, borrow and ask for help. It could make finance faster, cheaper – and even more personal. But if customers cannot understand decisions, challenge mistakes or reach a human when things go wrong, “smart” finance may simply become a more efficient way to frustrate people.
In the UK, a review by the Financial Conduct Authority pointed out that AI is not new to financial services. Banks have used it for years behind the scenes in algorithmic trading, underwriting, credit decisions and fraud detection. What has changed is visibility. Publicly available generative AI tools have brought AI into everyday consumer life, with millions of people now using them to navigate financial decisions.
