AI bringing brains to your banking as digital revolution gathers speed

Australia’s new breed of digital banks are introducing artificial intelligence to stop the inertia that costs consumers millions of dollars annually.

Big banks and other bill providers have earned big profits for many years from customers who don’t examine their payments or search for better deals.

However, digital banks — also known as neobanks and smartbanks — are set to turn that strategy on its head by automatically finding savings and prompting customers to act.

Financial technology infrastructure provider Frankie Financial’s CEO, Simon Costello, said consumers would benefit through artificial intelligence providing automatic recommendations and switching.

“Neobanks will be able to spot your providers in your direct debits, let you know how much you would save if you switched providers and then offer a single-click switch,” he said.

“This is very powerful functionality that has the potential to change the way consumers compare, select and change providers not just across the energy sector, but financial, insurance, and health sectors as well.”

New digital players include Xinja, Volt, 86 400, Judo, Revolut and the Bendigo Bank-backed Up Bank.

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Source: AI bringing brains to your banking as digital revolution gathers speed