How AI agents are rewriting financial services

Every time a new computing revolution arrives, headlines warn: ‘The robots are coming for our jobs.’

Unsurprisingly, the growth of generative AI in recent years has brought predictions of catastrophic turbulence as ChatGPT and its peers fill the place of humans.

However, history shows us that great leaps forward in computing create more jobs – just very different ones. From 1985 to 2005, as the personal computer became ubiquitous, the productivity rate across developed economies markedly improved while unemployment declined. The OECD attributed 30-40% of productivity growth during this period to IT investment. Mobile internet access had a similar impact, with McKinsey research showing that the internet created 2.6 jobs for every one that was lost.

Now, another shift is underway with the rise of AI agents.

Meet your new colleagues

If ChatGPT is the smart intern who takes notes and follows instructions, AI agents are the chief of staff – anticipating problems, delegating tasks, and making executive decisions. These programs hold the promise of providing entire services as a single software solution.

AI agents are already doing many routine tasks, with customer service chatbots the prime example. However, the technology is just scratching the surface of what is possible. AI agents fall into four main groups, with each playing a different role.

Knowledge agents are research whizzes. They consolidate information to assist with routine tasks like research and consultation, with the potential to act on behalf of doctors, journalists, lawyers and even wealth managers. Ava, the AI agent from Avantia Law, is a prime example of how AI agents are taking care of routine legal processes.

Responsible agents are designed for areas like risk, compliance, security and governance. They provide workflow oversight, detecting and highlighting anomalies and rogue agents. A good example is Zango AI, whose AI agent is like a tireless compliance analyst – scanning and reviewing thousands of regulations, flagging issues and proposing recommendations faster than any compliance team can.

Productivity agents are personalised, hyper-focused digital EAs, focused on supercharging efficiency across tedious, low risk but high-value tasks such as booking meetings, drafting responses and even pre-approving insurance claims. Tools like Fyxer AI can anticipate tasks and scale better than any human assistant.

Insight agents are pattern spotters, trawling through data to uncover trends and provide new insights. They are enabling businesses to create new products, better serve customers and improve profitability.

Framework for AI agents

Red tape or rocket fuel?

While some industries are rapidly adopting and integrating AI agents, others would seem to face more of a challenge in making use of the technology due to regulation.

In financial services, there is huge potential for AI agents to overhaul the burden of time-consuming manual processes facing the sector, but it seems unlikely that financial advice or mortgage advice could ever be provided entirely by an AI agent. However, AI agents can still transform these services, just with a human touch. Investment decisions might not be made by AI, but a wealth manager could use AI-based overviews of clients’ financial circumstances to inform their recommendations, for example.

As the technology accelerates, it will be crucial for businesses in the sector to be on the right side of regulatory barriers, working closely with regulators to maximise their impact, minimise risks, and make the case for improvements to regulatory frameworks as AI agents evolve and improve.

Regulators also need to do more to encourage innovative technologies. Political and economic uncertainty in the US – historically the world’s computing superpower – is creating opportunities for the UK to show leadership, and the government has signalled it will reform the role of regulators to encourage growth. Truly ambitious reforms could significantly boost the UK’s already fast-growing AI sector.

Startups, strap in

With enterprises scrambling to embrace AI agents to boost productivity, a new generation of startups is riding the wave, reimagining how services are delivered, decisions are made, and value is created.

However, building these companies is highly complex. Alongside capital, founders need sector specialists who can advise businesses on building a customer base, winning marquee clients and navigating regulatory mazes.

By 2030, we expect a third of tasks in financial services to be managed by an AI agent. This is a generational opportunity – the next Google or Salesforce might not be a search engine or CRM tool, but an AI agent orchestrating compliance for a major bank or managing portfolios for millions of savers.

So yes, the AI agents are coming for financial services. But they are not here to steal jobs – they are here to take on the boring parts, let people and businesses focus on what actually matters, and accelerate the sector’s growth for decades to come.