I bots might not be so bad after all as they could help you to become a millionaire. Banking expert Dharmesh Mistry reckons in the near future they will become people’s personal financial advisers.
He said the technology will lay out exactly what you need to become rich beyond your wildest dreams. This will help those who can’t currently afford such expensive advice, he said.
He said the bots could give people a step-by-step guide and tell their users what they need to sacrifice in order to become uber-wealthy. His claim comes despite growing warnings that artificial intelligence will wipe out humanity in the decades to come.
AI could be used to help Brits tackle a number of major goals in life (Stock)
Mr Mistry, who helped build the very first internet and mobile banking apps, believes banks will soon start offering the AI advisers – called agents – to their customers.
He claimed people will be able to ask them how to become a millionaire and they’ll provide a road map to do so. The veteran banker said the bots will ask what are you “willing to sacrifice and then help you narrow down a path towards doing it”.
Mr Mistry, who founded and sold the proptech start-up AskHomey, said AI will ask a set of questions and how you want to earn your money to hit your goals. He predicts the bots will help you to go on holiday and to buy your own home, as well as help with financial side of raising kids.
Mistry has stated traditional banks are facing an ‘existential threat’ (Stock)(Image: Getty Images)
The boffin said: “They’ll help you not only get the mortgage but help you with the process of buying a house because that is a ball ache.
“Imagine that you’re going on holiday, having a kid for the first time, moving house, buying a house, retiring, everything that are big lifetime journeys.
“You’ll have an [AI] agent that will help you with the process and buried in there will be some bank that’s providing a bit of the product.”
He claims AI could help us become rich(Image: Getty Images)
Mr Mistry – who claims he put more banks online between ‘97 and ‘01 than anyone in the UK – explained why he believes this potential development is so important.
He said AI will “level the playing for people who couldn’t afford financial advice”. Mr Mistry also predicted that traditional banks face an “existential threat” over the next couple of years.
The boffins predicts new technology puts 70% of banks at risk of dissemination by 2030 in another shocking blow to the high street. And he traditional branch banks could be at risk if they fail to evolve with the times.
He covers the topic in his new book The Intelligent Ledger: How Agentic AI, Quantum Computing, Data, and Tokenisation Are Transforming Banking.
Leave a comment