Beyond the Goldmine: Why Banks Must Move from Data to Dialogue

The banking industry has long been described as sitting on a “goldmine” of data, yet for many customers, the digital experience remains frustratingly generic. This interview was conducted at The Banking Scene event in Amsterdam, where Sara Henniker, Head of AI Solutions at FinShape, discussed why the shift from reactive notifications to proactive “AI Financial Assistants” is the next great frontier.

Q: In practical terms, where do you see AI moving the needle most for banks?

Sara Henniker: “From a customer’s perspective, it would be the best to have the feeling my bank understands me, the bank knows me, and the bank can react, and the bank can be proactive”.

Q: Banks have talked about being a “goldmine” of data for decades. Why does the experience still feel so generic?

Sara Henniker: “Banks made some steps forward, so probably there are banks who already know their customers, they analyse transaction data, they create behavioural profiles, so they know who they are, where they are back is what to do with this knowledge, how to act upon them, how to be proactive, what can I do with that data”. “For example, it is a big difference, I observed that your balance dropped by 20% compared to previous months, right? This is a statement, this is an observation, which I can retrieve, get out from the data, but I could also say, I saw that your balance dropped by 20%, so what do you think about it, and then I can be more proactive”.

The Death of the Rulebook

The emergence of Generative AI has fundamentally changed how banks can interpret the data they collect, moving away from thousands of rigid, pre-defined logic rules.

Q: What has been holding banks back from doing something more useful with this data?

Sara Henniker: “Before generative AI, banks implemented many, many business rules. If this happens, then we may offer this, if this happens, then we may engage the customer in that way or that way”. “But with generative AI, you don’t need to define hundreds of business rules, so now you have the real possibility to understand what happens, and this is an absolutely big difference”. “So the technology allows us to understand the customer”.

Coaching vs. Pitching: Building Trust

One of the most delicate balances for a bank is being helpful without becoming intrusive or appearing overly “pushy”.

Q: What is the difference between reactive messaging and proactive financial coaching?

Sara Henniker: “Proactive financial coaching would mean, I saw that your balance increased. What about saving more? And then you can discuss it with your client, because I may save 200 euros, but the client says, no, because I know that I have to go to the car mechanic and it will cost me so much money, so I really can’t save that money more”. “So you can interact, you can discuss, and you agree then on the final amount, and then the AI could say, okay, then let’s set up a recurring transfer to your saving account, or let’s set up a saving goal”.

Q: How can a bank personalise that responsibility without crossing the line and destroying trust?

Sara Henniker: “For example, when we come back to this example, my car broke down and I need money, right? So what would destroy the trust is saying, hey, here is a loan offer, take it, right?”. “But then I would say, okay, then let’s analyse your financial situation. And then we can say, you have maybe €2,000 balance, and I see that, okay, you built up quite a kind of emergency fund or safety buffer for such expenses”. “So you can cover your expense for your car. But maybe if you, because we know that this is urgent, you may also consider financing options. This sounds differently, right? Because I show professionalism that I know your financial situation”.

The Threat of the Invisible Bank

With tech giants like Google and Amazon setting the bar for seamless journeys, banks face a reality where they might lose their place as the primary interface for their customers.

Q: Are customer expectations shifting faster than banks can adapt?

Sara Henniker: “Yes. And this is why there’s a threat that the banking application, the mobile bank, maybe it will not be the interface. My first interface when I communicate about my financials”. “This is a big threat if others do it in a better way. And if the customer journey is seamless, because Google does it better, right?”.

A Gradual Evolution: From Chatbot to Assistant

While the technology exists to create highly autonomous agents, Henniker suggests a cautious, step-by-step approach is necessary for the industry to manage high-risk advice categories.

Q: How do you view the evolution of these AI tools within the bank?

Sara Henniker: “What we would like to achieve is moving from the chatbot functionality to an assistive functionality. This is why we call our product AI Financial Assistant. This is not a financial chatbot, this is an AI Financial Assistant”.

Q: Is the technology ahead of the banking culture?

Sara Henniker: “The technology enables us. But the culture, the mindset, the banking industry is not yet there from organisational perspective”. “We have to move on gradually. And we can delegate tasks to the AI agents only in a gradual way. First we delegate this task, assess my financial situation and see the options what can I do. This is rather financial guidance”.

The future of banking lies in the transition from passive data storage to active, intelligent interpretation. While generative AI provides the technical means to offer sophisticated financial guidance, the path forward requires a careful balance between being proactive and maintaining customer trust. As competitors from outside the traditional banking sector continue to refine the user journey, banks must embrace a cultural and organizational shift toward “agentic” solutions—moving beyond simple chatbots to become true financial assistants

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