
Kieran Hines, Director, EMEA & North America
The end of September is a busy time for any self-respecting industry analyst, as event season gets into full swing. For me, it started at the AWS (Amazon Web Services) Financial Services Analyst Day in London, which ran under the banner of AWS’s symposium theme: Rethink Everything.
After a day of sessions with AWS, its customers and partners, including OpenAI and NVIDIA, I came away with three themes in mind, and one clear message for banks.
Much of the AI activity in banks to date has focused on the middle and back office. What stood out was how quickly those process improvements are now being turned into new and enhanced customer experiences. The two are increasingly inseparable: faster, more automated processes behind the scenes make better customer-facing services possible.
Alvin Huang from AWS, who works closely with many institutions on deploying agentic AI, framed the opportunity for the industry around four areas: accelerated time to insight, 24/7 personalisation, exhaustive coverage and application modernisation. The examples around personalisation really stood out. As we see in our research, UK customers routinely cite the performance of banks in this area as weak, and 66% are comfortable with the idea of institutions using data they hold to deliver more personalised services.
Equally notable was what AI is doing for customer understanding. Where it was once only feasible to review a small sample of customer conversations from the contact centre, typically 5–10% of calls, AI now makes it possible to analyse all of them. That has obvious value for audit and regulatory purposes. More interesting, though, is what it reveals about why customers get in touch, what they need and where service falls short, insight that can feed directly into better and more personalised service.
AWS described the impact of Amazon Connect Customer, its contact centre platform, is having in the market, with AI often delivering better outcomes than human agents for certain workflows.
We know from our data that this matters because the way customers use these channels is changing. As self-service extends into more activities, a growing proportion of the queries that reach branches and contact centres are increasingly complex. Our data reflects this, with satisfaction (measured by NPS) with the branch experience standing at +28 and contact centre at +19, compared to +42 for mobile (Source: Orion, n=4,000 UK consumers).
Zepz, the group behind WorldRemit and Sendwave, showed what AI can do in practice. Bringing AI into its contact centre has allowed it to resolve customer queries and problems more quickly, and to serve customers in a wide range of languages, which is a core need for a remittance business operating in more than 130 countries.
Arguably the most thought-provoking session came from NVIDIA, with Georgios Kolovos talking about their work on transaction foundation models. Applying large language models to financial data is harder than it seems, largely because of the wider range of fields in individual transaction records.
The spirit of the session was that the value in the data banks hold on their customers, especially transaction data, is there to be unlocked. NVIDIA expects a new wave of innovation to come from analysing event data – any interaction a customer has with their bank: a payment, a product enquiry, a branch visit, or simply checking a balance repeatedly. Each tells you something on its own. In combination, they say a great deal more. Featurespace, Nubank, Stripe, Adyen, Mastercard, Visa, Lloyds, Atom and Affirm were all referenced as among those already pursuing this approach.
Notably, none of this is being built alone. Partnership and openness to collaboration are central to AWS’s own success, and the same applies to the banks looking to bring new services to market more quickly. OpenAI, which launched its enterprise offering three years ago, is now scaling its work with banks across Europe on use cases spanning fraud prevention, data analysis, customer chat and credit scoring.
The pace of change is accelerating, and new propositions are coming to market quickly. Ramp, for example, set out its ambition to grow among UK SMEs, while Hazel shows how quickly a specialist can reset expectations in advice. For incumbent banks, understanding how customers feel about this change is becoming urgent if they are to make the right strategic calls.
Our report Unlocking the Agentic Commerce Opportunity highlights this, showing that 72% of US consumers who use GenAI tools to support digital commerce already would be happy to delegate completing a transaction to an agent.
The biggest takeaway for banks is the need to move away from the traditional approach to customer servicing and start solving for intent.
Today’s digital channels are increasingly feature-rich. However, they still rely on the customer converting what they want into the right process to begin. That is not how customers use GenAI (generative AI) tools. They describe an outcome or ask a question, and the tool provides an answer. Today, our research into this topic (AI and the Future of the Banking Customer) shows that 84% of Gen Z consumers use a GenAI tool to support at least one part of the financial management workflow. As that behaviour becomes habit, a menu of features will start to feel like hard work.
In practice, this means:
None of this is purely a technology decision. It is a question of proposition and positioning, and of how quickly a bank is prepared to move. Those that embrace these trends will put themselves in the best position for future success.
Get in touch if you’d like to discuss the implications of these trends and what our customer data reveals.

Kieran Hines
Director, EMEA & North America
Kieran Hines is Director at RFI Global, leading research and advisory work across EMEA and North America. He is a senior financial services analyst with deep expertise in retail and business banking, payments and digital transformation.
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