Priya Jaiswal is a distinguished authority in the realms of banking and international finance, possessing a deep understanding of how emerging technologies are fundamentally altering market structures. With a career defined by her sharp analysis of portfolio management and global business trends, she offers a unique vantage point on the intersection of consumer behavior and digital transformation. In this conversation, we explore the findings of the recent Mills Review, a comprehensive study involving over 5,000 consumers that outlines the future of retail finance. Jaiswal unpacks the seismic shift from human-led interactions toward autonomous, agentic AI, discussing the challenges of building consumer trust, the potential to close the “advice gap” for the underbanked, and the regulatory frameworks necessary to safeguard this new frontier.
Retail finance is shifting from human-led interactions toward delegated, AI-enabled services. How will this transition fundamentally change the way consumers interact with their banks and wealth managers by 2030?
By 2030, we are looking at a sector that has moved entirely away from the reactive, human-led models we have relied on for decades. The Mills Review highlights that we are entering an era of continuous, delegated services where the heavy lifting is handled by autonomous agents rather than manual requests. When we look at the data from over 5,000 UK consumers, it becomes clear that the shift isn’t just about speed; it’s about shifting the burden of choice from the individual to a sophisticated digital surrogate. This is a massive leap from simple automation to true agency, where your financial “agent” isn’t just following a pre-set rule but making a judgment call based on your unique goals. It turns the bank from a vault where you store money into a proactive partner that manages your life’s financial risks in real-time.
The research indicates that while some are eager for AI-driven decision-making, others are hesitant due to risks like fraud and cyber security. How can financial institutions cultivate the necessary trust when one in five adults is ready for AI, but many still fear consumer harm?
Trust is the most fragile currency in finance, and the fact that 26% of consumers already trust general-purpose AI tools for financial advice is a surprising but double-edged sword. While one in five adults is ready to jump into AI-driven decision-making right now, there is a visceral fear surrounding cyber security and the potential for fraud to be amplified by these very tools. For a consumer to delegate their life savings or pension management to an algorithm, they need to feel a sense of control that currently feels absent for many. Institutions must treat agentic AI as an accountability and governance issue rather than just a technical one, providing a transparent “regulatory perimeter” that protects the vulnerable. It is about creating a feeling of safety where the consumer knows the AI is working in their best interest, backed by human oversight that can step in the moment things deviate from the plan.
With only 9% of consumers currently utilizing traditional advice services and 900,000 individuals remaining underbanked, how specifically can agentic AI bridge these longstanding gaps in the retail market?
The “advice gap” is one of the most persistent failures of modern finance, with a staggering 91% of the population effectively locked out of traditional, high-quality advisory services due to cost or complexity. When you consider that 900,000 individuals remain underbanked, it is clear that our current human-centric systems are not scaling to meet the needs of the average person. Agentic AI provides a path to bridge this exclusion by offering high-stakes guidance—specifically in debt management and pensions—at a fraction of the cost of a human consultant. This technology can tackle suboptimal saving behaviors and the “protection gap” by acting as a persistent nudge, helping people make better decisions that they otherwise wouldn’t have the time or expertise to manage. By democratizing access to sophisticated financial planning, we can finally bring those 900,000 people into a system that proactively works to improve their financial health.
The FCA has proposed several priority recommendations, including scaling their AI Lab. In your view, what role does a robust regulatory framework play in ensuring that innovations like the “Supercharged Sandbox” lead to safe adoption rather than systemic risk?
Innovation cannot exist in a vacuum, and the FCA’s move to scale its AI Lab into programs like the “AI Input Zone” and the “Supercharged Sandbox” is a vital step toward responsible growth. We saw the potential of this last October when the Sandbox debuted with Nvidia’s support, proving that technology providers and regulators can actually speak the same language to mitigate risks. The seven priority recommendations, particularly the focus on an “AI-enabled agentic supervisory model,” suggest that the regulator is trying to stay ahead of the curve rather than playing catch-up. By reinforcing system-wide coordination now, we can create an environment where firms feel the confidence to innovate without compromising the safety of the entire financial ecosystem. This oversight is what will eventually transform that 26% trust level into a broad market standard, ensuring that AI-driven capability services serve the public interest.
What is your forecast for the integration of agentic AI within the retail financial sector over the next decade?
I believe that by the end of this decade, the “advice gap” will largely disappear, replaced by a sophisticated layer of agentic AI that acts as a 24/7 financial concierge for the masses. We will see a consolidation where the 20% receptivity we see today climbs toward a majority as these tools prove their worth in managing complex debt and pension portfolios that currently overwhelm the average consumer. However, the success of this transition will depend entirely on how we handle the 900,000 underbanked individuals; if AI can bring them into the fold securely, we will witness the most significant expansion of financial participation in history. The human element won’t vanish, but it will pivot toward high-level strategy and emotional support, while the machines handle the intricate, data-heavy decisions. Ultimately, the winners in this space will be the firms that prioritize strong governance and clear accountability to maintain that hard-won consumer trust.
