The financial industry is entering a new era, with AI and new regulations on accessing data transforming how finance works. These changes are giving people more options to manage their money in new ways – taking us closer to totally cashless transactions.
Over the last century, banks implemented new technologies like ATMs, internet banking and smartphone apps to fundamentally change our relationship with money. Now, new regulations and initiatives around the world are forcing banks to allow fintech firms (companies that use technology to provide financial services) to access customers’ banking data.
This includes regulations like the EU’s revised payment services directive (PSD2), which aims to encourage innovation in financial products while protecting consumers’ data. In the UK, the CMA9 order serves a similar purpose. These regulatory changes are a game-changer in the world of finance.
Accessing customer data allows for greater openness in the financial industry. It enables a shift from a closed banking model, where banks kept a tight hold of their customers’ data, to an open banking ecosystem where people are free to share their financial data with third-party apps or websites.
For the first time, this shift is enabling customers themselves to benefit from the sharing of banking data as fintechs use it to enhance their experiences and offer them a wider range of services.
My research shows that the traditional role of banks is changing in profound ways. Banks are increasingly operating behind the scenes as infrastructure providers, facilitating secure data exchange with fintechs. These fintechs are more agile and tech-savvy than banks, focusing on specialised customer solutions and often offering superior customer experiences.
A 2025 report found that open banking is becoming central to the global financial system. Fintechs, including digital-only banks, payment services like Stripe and Trustly, buy-now-pay-later providers and crypto platforms, are emerging as major providers of alternative financial services.
With data central to innovation, AI is reshaping how we interact with money. As an example, the same report indicates that 80% of fintechs are implementing AI. Customers are beginning to experience these advances thanks to data-driven agents like chatbots and robo-advisors. This technology can analyse customer behaviour to offer personalised services in ways that were previously not possible.
Here are five ways that AI could be reshaping your relationship with money.
1. Intelligent credit-scoring
AI-driven credit scoring uses open banking data instead of a customer’s traditional bank credit history. It considers customers’ context and behaviour – things like mobile phone and rent payments – to make fairer assessments. This can encourage responsible access to credit for people on low incomes, and promote financial inclusion.
2. Debt rehabilitation services
These services can be used to manage financial behaviour. People who are struggling financially can use these debt services to track their spending patterns in real time. Trusted individuals, maybe a friend or relative, can be alerted when their spending is irregular.
3. Automated savings trackers
Saving trackers use AI to advise customers on when and how much to save. They can also transfer funds into savings accounts automatically. This can help people to manage money shocks and build financial resilience.
4. Account aggregation services
Customers can connect accounts from different banks to get an aggregate view of their financial health. This can help them to make better decisions around their money, enhancing their sense of being in control and making them more resilient against financial shocks.
5. Predictive finance
Personalised services can assess financial behaviour by learning customers’ habits and anticipating their future needs. Predictive finance can translate these assessments into practical, money-saving recommendations. People can use AI agents to plan and time a family trip. The AI agent can then autonomously make a booking that best fits and alert the customer.
Fintechs are using customer data to develop services like these that make accessing and managing money simpler – potentially making it easier for everyone to participate in the financial system. Taken together, these innovations show the promise of AI for making finance more inclusive.
But risks are inevitable. In this new landscape, the traditional trust between bank and customer might be challenged, as the open nature of transactions can increase security risks. Automated profiling, data vulnerabilities and fraud can also erode trust, invade customers’ privacy and violate their dignity. That’s why transparent regulations are needed to protect customers and preserve their digital rights.
When traditional banks and fintechs work together, they must keep the customer’s best interests in focus. After all, there is no doubt that the double-edged consequences of AI and data will continue to shape the evolving financial landscape.
- is an Associate Professor in Information Systems, Lund University
- This article first appeared in The Conversation
