Will AI really make banking better for customers?

By Meilan Yan, Senior Lecturer in Financial Economics, Loughborough University
Dalu Zhang, Lecturer in Finance, University of Leicester
David T Llewellyn, Professor of Money and Banking, Loughborough University

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…

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