Fintech moves to agentic AI

Fintech companies are building artificial intelligence tools that do more than answer questions: they pull data, make decisions inside set limits, and complete parts of the job for the customer. (moneycontrol.com) In plain terms, an “agent” is software that can take a goal like reconciling invoices or checking loan documents, break it into steps, and use other systems to finish the work. Nvidia defines artificial intelligence agents as systems that can reason, plan and interact with tools to act on a user’s behalf. (nvidia.com) That is a different pitch from the first wave of generative artificial intelligence in finance, which mostly drafted emails, summarized calls, or answered support questions. The Bank for International Settlements said generative artificial intelligence can raise productivity in finance, but also creates risks around errors, data governance and accountability. (bis.org) The shift is showing up in products aimed at businesses as much as consumers. Moneycontrol reported that fintech firms are moving toward “done-for-you” experiences that combine trusted data, specialized agents and human oversight, instead of stopping at advice or prompts. (moneycontrol.com) Banks and fintech firms have been under pressure to lower servicing costs while customers expect faster responses and fewer manual steps. Deloitte said financial institutions are using generative artificial intelligence across functions including operations, customer service, software engineering and risk work. (deloitte.com) Regulators have been warning that automation does not remove legal responsibility. In 2024, the Consumer Financial Protection Bureau said companies cannot use chatbots or other artificial intelligence tools to give consumers false information and then blame the technology. (consumerfinance.gov) That is why many firms are keeping a human in the loop for higher-risk tasks like lending, fraud review and compliance checks. The United Kingdom Financial Conduct Authority’s artificial intelligence public-private forum said governance, testing and clear accountability are central when firms use artificial intelligence in financial services. (fca.org.uk) The bet is that customers will trust automation more when it quietly finishes a narrow task with auditable data and a person available to intervene. In fintech, the race is moving from smarter assistants to software that can actually get the paperwork done. (moneycontrol.com; bis.org)