We are living through a silent revolution, and this time, the epicenter is right in our pockets. According to a recent study by Bain & Company, over 80% of European banks plan to overhaul their data architectures in the coming years - driven by an unlikely ally: Artificial Intelligence (AI).

Thanks to AI, financial services are becoming more intuitive, personalized, and human-like, offering hyper-personalized advice, anticipating customer needs, and enabling interactions as natural as a conversation with a friend or family member. The customer of the future doesn’t want to fill out forms - they want their bank to understand them as effortlessly as Spotify recommends a song or a streaming platform suggests a new series.

But how does this vision take shape in the daily reality of banking? And more importantly, are we ready to trust a financial system that knows our habits and trends - sometimes better than we do ourselves?

The “end” of bureaucracy in home loans

Imagine applying for a home loan and, instead of gathering nearly 20 documents and waiting weeks for an answer, you only need to submit your information once and receive approval within minutes. This is no longer a futuristic scenario. AI is breaking down barriers, securely cross-referencing data and speeding up processes that once tested customers’ patience. The real revolution lies not in speed alone, but in restoring something truly valuable: time.

The Assistant that never sleeps

Chatbots have evolved from robotic replies to seamless conversations. A virtual assistant integrated into the bank's app understands commands like “Transfer €100 to Maria” or “Show me my restaurant expenses from last month” - and executes them instantly. No more navigating endless menus - AI interprets natural language, making the technology feel invisible. Picture this: a customer, at midnight, blocks a lost card with a simple voice message. This is the kind of convenience that redefines the meaning of customer service.

From Wishlist to Reality

Saving for a trip or a new appliance is no longer a solitary task. Customers can now create wishlists directly within their banking app, with AI stepping in as a financial advisor. Planning a trip to Europe?  Technology reviews historical pricing trends , identifies seasonal deals, recommends mileage or cashback cards, and even breaks down the total cost into manageable monthly savings. When flight prices drop, the customer receives an alert. It's more than a tool - it's a personal travel agent.

Self-managing budgets (and alerts that save you money)

Household financial management has gained an ally that would’ve seemed unimaginable a few decades ago. AI systems detect spending patterns, automatically allocate funds for recurring expenses, and send timely alerts. Examples include: “Your child’s school fee will be debited in five days,” or “Your food delivery expenses increased by 30% this month.” For parents, there are even warnings about unexpected in-game purchases by kids. In the long run, these platforms translate into significant savings.

Timely promotions

Bank rewards programs have become smarter. AI detects where you frequently shop and suggests the highest/most advantageous cashback or discount - right when it matters most. If you frequently visit a certain restaurant,  the system notifies: “Activate 10% off here today.” For larger purchases, it predicts price drops: “Wait two weeks to buy the laptop - the price is expected to fall/go down.”

AI doesn't replace the human touch - it enhances it. When applied well, it can deliver three essential pillars to today’s banking customers: proximity, speed, and trust.

News: Forbes Portugal