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Will AI really make banking better for customers?

The Conversation · 🇦🇺 public Australia · · 884 words · By Dalu Zhang; David T Llewellyn; Meilan Yan
Consumer Protection UK Regulatory Framework AI in Financial Services
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The article discusses the integration of AI in the UK financial sector, highlighting both the potential for improved consumer services and the risks of opacity and lack of accountability. It examines the UK's regulatory approach, which relies on existing principles-based frameworks rather than AI-specific legislation.

Propaganda risk 20%
Claims checked 14
Techniques found 1
Topics 3

Coverage spectrum

Coverage gap: Low Left coverage
Left0%
Center86%
Right14%

7 sources compared across this story cluster. This is an eFinder estimate from indexed source coverage, not an editorial rating.

What happened

AI is changing how people bank, save, borrow and ask for help.

Why it matters

It could make finance faster, cheaper – and even more personal.

Common ground

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.

Perspective signals

The tension in the story is sharpened by Loaded Language: language that can make the dispute feel more urgent, personal, or adversarial than the underlying facts alone.

The article discusses the integration of AI in the UK financial sector, highlighting both the potential for improved consumer services and the risks of opacity and lack of accountability. It examines the UK's regulatory approach, which relies on existing principles-based frameworks rather than AI-specific legislation.

open_in_new Read the original article: https://theconversation.com/will-ai-really-make-banking-better-for-customers-281…

analyticsAnalysis

20%
Propaganda Score
confidence: 95%
Minor concerns. Some persuasive language detected, but largely factual.

psychologyPropaganda Techniques Detected

eFinder identified 1 propaganda technique in this article. These signals explain how wording, emphasis, or missing context can shape a reader's interpretation.

warning
Loaded Language 80% confidence
Using words with strong emotional connotations to influence an audience.
Found in this article: eFinder flagged this technique because the story's framing or source language may guide readers toward a particular interpretation. Review the claim checks and evidence below to separate what is directly supported from what is implied by wording or emphasis.
Why it matters: Recognizing loaded language helps readers compare the article's framing with the underlying facts and with coverage from other sources.

fact_checkClaims Checked

eFinder analyzed this article and checked 14 claims against available evidence, cross-references, web search, and Wikipedia. Here is what the fact-checking layer found.

schedule Pending 4
check_circle Corroborated 3
info Single Source 2
verified Verified By Reference 2
help Insufficient Evidence 2
verified Verified 1
schedule
Claim 1: “In January 2025, Virgin Money apologised after its chatbot appeared to take exception to the word “virgin” in a question about ISAs.”
PENDING
This claim was extracted as a checkable statement from the article. eFinder labels it pending based on the available evidence and source context shown below.
info
Claim 2: “Research from the Cambridge Centre for Alternative Finance describes the UK’s approach as regulation-driven, helping to standardise how banks share customer-permissioned data.”
SINGLE SOURCE
While the Cambridge Centre for Alternative Finance (CCAF) is verified as a real entity via Wikipedia and web search, and one report mentions research conducted by them on open banking, the specific claim that they describe the UK's approach as 'regulation-driven' to 'standardise' data sharing is not explicitly detailed in the provided snippets.
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wikipedia NEUTRAL — Alternative finance refers to financial channels, processes, and instruments that have emerged outside of the traditional finance system, such as regulated banks and capital markets. Examples of alter…
https://en.wikipedia.org/wiki/Alternative_finance
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wikipedia NEUTRAL — The Cambridge Centre for Alternative Finance was established in 2015, and is a part of the Cambridge Judge Business School, University of Cambridge. The Centre is a research and education institute fo…
https://en.wikipedia.org/wiki/Cambridge_Centre_for_Alternati…
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wikipedia NEUTRAL — The University of Cambridge Judge Business School (CJBS) is the business school within the School of Technology at the University of Cambridge in Cambridge, England, United Kingdom. The school was est…
https://en.wikipedia.org/wiki/Cambridge_Judge_Business_Schoo…
+ 3 more evidence sources
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Claim 3: “Lloyds Banking Group has reported rising use of AI tools for managing money.”
CORROBORATED
Multiple independent sources (Money Age and other web results) explicitly state that Lloyds Banking Group reported rising use of AI tools for managing money, citing their Consumer Digital Index.
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wikipedia NEUTRAL — Banking in the United Kingdom encompasses a system of banks and bank-like financial institutions that provide financial services to consumers and businesses, overseen by regulators and ultimately, the…
https://en.wikipedia.org/wiki/Banking_in_the_United_Kingdom
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wikipedia NEUTRAL — HSBC Holdings plc (Chinese: 滙豐; lit. 'focus of wealth') is a British universal bank and financial services group headquartered in London, England, with historical and business links to East Asia and a…
https://en.wikipedia.org/wiki/HSBC
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wikipedia NEUTRAL — The ING Group (Dutch: ING Groep N.V.) is a Dutch multinational banking and financial services corporation headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commerc…
https://en.wikipedia.org/wiki/ING_Group
+ 3 more evidence sources
verified
Claim 4: “The UK was one of the pioneers in building open banking – where customers can share their bank account data with authorised providers, instead of leaving that data locked inside one bank.”
VERIFIED
Multiple web search results confirm that open banking allows the secure sharing of financial data with authorized third-party providers, which matches the normalized claim.
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web search NEUTRAL — Open banking enables secure sharing of data from multiple bank accounts and financial accounts with authorized third-party providers. Through account ...
https://www.quiltt.io/guides/what-is-open-banking-complete-g…
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web search NEUTRAL — Sep 24, 2024 ... Open banking is a revolutionary financial services model that allows TPPs to securely access financial data from banking systems.
https://www.pingidentity.com/en/resources/blog/post/what-is-…
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web search NEUTRAL — Nov 2, 2024 ... payment service providers, share customer data to enhance ... provider enabling customers to utilise funds from their bank account.
https://www.jbs.cam.ac.uk/wp-content/uploads/2024/11/2024-cc…
info
Claim 5: “Banks have used it for years behind the scenes in algorithmic trading, underwriting, credit decisions and fraud detection.”
SINGLE SOURCE
The provided evidence for this claim consists of general definitions of banks and lists of banks; there is no mention of AI usage in algorithmic trading, underwriting, credit decisions, or fraud detection.
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web search NEUTRAL — Banks act as payment agents by conducting checking or current accounts for customers, paying checks drawn by customers in the bank, and collecting checks deposited to customers' current accounts.
https://en.wikipedia.org/wiki/Bank
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web search NEUTRAL — Jul 14, 2026 · Complete list of all regional and national banks in United States with detailed information and branch listings.
https://www.bankbranchlocator.com/banks-in-usa.html
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web search NEUTRAL — Jul 6, 2026 · America's Richest Self-Made Women . China's Richest . India's Richest . Indonesia's Richest . Korea's Richest . Thailand's Richest .
https://www.forbes.com/advisor/banking/best-online-banks/
verified
Claim 6: “In the UK, a review by the Financial Conduct Authority pointed out that AI is not new to financial services.”
VERIFIED BY REFERENCE
While web search results mention the FCA launching a review of AI's impact on retail finance in 2026, none of the provided evidence explicitly states that the review 'pointed out that AI is not new to financial services'. The evidence confirms the review's existence but not the specific finding mentioned in the claim.
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wikipedia NEUTRAL — As of 2025, the artificial intelligence (AI) market in the United Kingdom is worth over £21 billion, and is expected to exceed £1 trillion by 2035. It is the world's third-largest AI market and consis…
https://en.wikipedia.org/wiki/Artificial_intelligence_indust…
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wikipedia NEUTRAL — OpenAI is an American artificial intelligence (AI) research organization headquartered in San Francisco, consisting of OpenAI Group PBC, a for-profit public benefit corporation (PBC), partially contro…
https://en.wikipedia.org/wiki/OpenAI
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wikipedia NEUTRAL — The Qatar Investment Authority (QIA; Arabic: جهاز قطر للإستثمار) is Qatar's sovereign wealth fund, founded by the State of Qatar in 2005 to strengthen the country's economy by diversifying into new as…
https://en.wikipedia.org/wiki/Qatar_Investment_Authority
+ 3 more evidence sources
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Claim 7: “Starling later accepted it had gone too far and apologised.”
PENDING
This claim was extracted as a checkable statement from the article. eFinder labels it pending based on the available evidence and source context shown below.
schedule
Claim 8: “The UK has chosen not to introduce AI-specific regulation for financial services.”
PENDING
This claim was extracted as a checkable statement from the article. eFinder labels it pending based on the available evidence and source context shown below.
check_circle
Claim 9: “NatWest says the generative AI version of its Cora+ assistant improved customer satisfaction, while reducing the need for a staff member to step in.”
CORROBORATED
Two independent web search results explicitly state that NatWest's generative AI version of Cora+ improved customer satisfaction and reduced the need for staff intervention.
travel_explore
web search NEUTRAL — NatWest plans to build on its existing AI capabilities, such as virtual assistants Cora+ and AskArchie+, to expand AI applications in consumer banking. The initiative will enable customers to leverage…
https://www.banking-gateway.com/news/natwest-partners-with-o…
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web search NEUTRAL — Lloyds Banking Group has reported rising use of AI tools for managing money. And NatWest says the generative AI version of its Cora+ assistant improved customer satisfaction, while reducing the need f…
https://www.lboro.ac.uk/news-events/news/2026/june/is-ai-ban…
travel_explore
web search NEUTRAL — Development of NatWest's digital assistant services stands as a primary focus area. Plans include expanding capabilities of existing AI-powered virtual assistants, Cora+ and AskArchie+, to handle more…
https://fintechmagazine.com/articles/natwest-partners-with-o…
help
Claim 10: “A 2024 survey by the Bank of England and FCA found that 46% of financial firms had only a “partial understanding” of the AI technologies they use.”
INSUFFICIENT EVIDENCE
No evidence was found in the provided search results to support or refute this claim.
help
Claim 11: “In 2024, it emerged that Starling blocked a legitimate €15,000 (£13,000) transfer by a customer after suspecting it might be an AI-enabled scam.”
INSUFFICIENT EVIDENCE
No evidence was found in the provided search results to support or refute this claim.
schedule
Claim 12: “the FCA says its approach to AI is grounded in its principles-based and outcomes-focused regulatory framework, including the Consumer Duty and Senior Management Regime.”
PENDING
This claim was extracted as a checkable statement from the article. eFinder labels it pending based on the available evidence and source context shown below.
verified
Claim 13: “Starling Bank’s Spending Intelligence uses AI to find key words to help customers understand their spending habits.”
VERIFIED BY REFERENCE
The evidence provided includes a general Wikipedia entry for Starling Bank and some academic papers on AI, but none of the sources mention 'Spending Intelligence' or the use of AI to find keywords for spending habits.
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wikipedia NEUTRAL — A neobank is a type of direct bank that operates exclusively using online banking without traditional physical branches. In contrast to direct banks, in many cases, neobanks do not have their own bank…
https://en.wikipedia.org/wiki/Neobank
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wikipedia NEUTRAL — The Qatar Investment Authority (QIA; Arabic: جهاز قطر للإستثمار) is Qatar's sovereign wealth fund, founded by the State of Qatar in 2005 to strengthen the country's economy by diversifying into new as…
https://en.wikipedia.org/wiki/Qatar_Investment_Authority
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wikipedia NEUTRAL — Starling Bank () is a British bank, occasionally referred to as a digital challenger bank or neobank, providing current and business bank accounts in the United Kingdom. Starling Bank is a licensed an…
https://en.wikipedia.org/wiki/Starling_Bank
+ 3 more evidence sources
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Claim 14: “A 2025 consumer report highlighted that almost one in three UK adults uses AI on a weekly basis to manage their money.”
CORROBORATED
The claim that nearly one in three (or specifically 28 million) UK adults use AI for money management is corroborated by multiple independent sources citing a Lloyds Bank study.
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wikipedia NEUTRAL — The Artificial Intelligence (AI) Action Summit (French: Sommet pour l'action sur l'intelligence artificielle or Sommet pour l'action sur l'IA, SAIA) was held at the Grand Palais in Paris, France, from…
https://en.wikipedia.org/wiki/AI_Action_Summit_2025
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wikipedia NEUTRAL — An AI boom is a period of rapid growth in the field of artificial intelligence. The most recent boom happened in the 2020s before seeing increased acceleration and media coverage. Examples of this inc…
https://en.wikipedia.org/wiki/AI_boom
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wikipedia NEUTRAL — Perplexity AI, Inc., or simply Perplexity, is an American privately held software company offering a web search engine that processes user queries and synthesizes responses. Perplexity products use la…
https://en.wikipedia.org/wiki/Perplexity_AI
+ 3 more evidence sources
info Disclaimer: This analysis is generated by AI and should be used as a starting point for critical thinking, not as definitive truth. Claims are verified against publicly available sources. Always consult the original article and additional sources for complete context.