Will AI really make banking better for customers?

AI is changing the way people bank, save, borrow and ask for help. It could make financing faster, cheaper – and even more personal. But if customers can’t understand decisions, challenge mistakes, or reach a human when something goes wrong, “smart” financing may simply be a more efficient way to frustrate people.

In the UK, a review by the Financial Conduct Authority found that AI for financial services is not new. Banks have been using it behind the scenes for years in algorithmic trading, underwriting, credit decisions and fraud detection. What has changed is visibility. Publicly available generative AI tools have brought AI into consumers’ everyday lives, and millions of people now use it to make financial decisions.

Great Britain has an important advantage here. The government and regulators are committed to keeping the country at the forefront of open banking – a position that gives it a lead in digital finance and AI-driven services.

Great Britain was one of the…