AI bringing brains to your banking as digital revolution gathers speed

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 and "shiny new tech" providing automatic recommendations and switching. Don't be afraid of the rise of robots to help in managing your bills and bank accounts.Source:Supplied "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."