Banking expert Dharmesh Mistry believes AI bots could help people become millionaires by acting as their personal financial advisers in the near future.
Mr Mistry, who helped build the first internet and mobile banking apps, said the technology will lay out exactly what you need to do to become rich beyond your wildest dreams. He said this will help those who cannot currently afford such expensive advice.
Step-by-step guide to wealth
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.
Mr Mistry 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.
What the bots will ask
The veteran banker said the bots will ask what you are "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 the financial side of raising kids.
Helping with life's big journeys
Mr Mistry 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."
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".
Existential threat to banks
Mr Mistry also predicted that traditional banks face an "existential threat" over the next couple of years. He predicts new technology puts 70% of banks at risk of dissemination by 2030 in another shocking blow to the high street.
He said 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.
