BY JOHN ELLIS, FINANCIAL ADVISOR
How would you feel about never having to open your banking app again? Bills paid automatically, better savings rates found for you, fraud spotted in seconds and even your salary quietly split between ‘needs’ and ‘wants’ in the background? This is the dream banks are now chasing with artificial intelligence (AI), turning banking into something almost invisible.
Sounds great? Irish families are already squeezed by expensive mortgages, energy bills and the constant daily grind. An AI that quietly manages your money, finds better deals and keeps everything running smoothly could genuinely free up time and ease some of that stress. Small businesses, especially, could save hours every week by ditching the endless spreadsheet battles.
Our own banks are already heading this way. Last year, Bank of Ireland used AI to scan one billion card transactions, stopping €9.7 million in fraud and dishing out 127 million personalised spending insights. It is now training every single member of staff in AI. AIB’s assistant, Abi, has helped over a million customers, and the bank is leaning heavily on tools like Microsoft Copilot.
This feels like a natural next step after the recent arrival of players like Monzo (which we looked at last issue), with their focus on practical, human-friendly tools. Irish customers clearly want banking that does not drive them up the wall.
But here is where you could become uneasy. Many of us were delighted to hear of Monzo entering the market precisely because they promised you could have the best of both worlds — an app and still speak to a real human 24/7. If we go fully ‘invisible’ with autonomous AI agents, that human safety net could, over time, disappear.
When a mortgage goes wrong, a payment is blocked, or a bill blindsides you, most people do not want to chat with a bot. They want someone who can take ownership of the problem and sort it out.
Then there is the data question. These systems need near-complete access to all your financials. Even with EU rules, plenty of us still remember previous data breaches. Older customers, people in rural areas, or anyone who is not tech-confident risk being left behind as branches keep closing.
Ireland’s Central Bank has a good track record, and new EU AI regulations should offer some protection. But the technology is moving frighteningly fast and could outpace current and future legislation. We need proper accountability. If the AI screws up, customers must know exactly who is responsible.
AI-driven banking could make life simpler for millions. But it should never come at the cost of trust, understanding or the basic right to speak to a real person when things go wrong.
As customers, we should welcome tools that actually make our lives easier, whether they come from traditional banks or the new challengers. But we must insist they keep the human element where it matters most.
Innovation is great, but only if ordinary people stay firmly in the driving seat.
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