Nearly a third of under-35s are keen to use AI tools that can highlight cost savings by switching to different providers or suggesting new products. The rising cost of living is driving interest in both new providers and new tools, as well as boosting willingness to share financial data to access guidance and cheaper deals. This will bring heightened opportunities for disruption from innovative FinTechs and new financial providers.
Digital banks will pose a bigger threat to high street banks by 2030. 57% of people think digital banks will be just as appealing as high street banks in five years’ time, rising to 69% among Gen Z. This is despite the majority of people believing there will still be a need for branches in the future. As branch networks decline and digital banks prove their longevity and gain trust, there is increasing scope to gain main account market share.
The biggest opportunities will come through AI and its role in more personalised and dynamic financial products. Already we have seen the launch of FinLLM – the UK’s first dedicated large language model for financial services. If consumer awareness and trust can be strengthened, budgeting, product research and financial guidance could be taken to the next level through such innovation.
AI is set to drive the pace of innovation in financial services in the next five years, bringing greater scope for disruption and more personalised services.
Adrian Reynolds, Associate Director
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