Future Money: what’s next for financial services in Australia?

Wisr’s Money On Your Mind Report 2025 revealed that many Aussies are still cautious about new technology in financial services. Yet, as these innovations continue to digitise banking, payments and lending, avoiding these quicker and easier options is becoming harder and harder. 

To learn more about where the Australian financial services industry is headed, we caught up with Álvaro to find out where new technology is having the most impact and what consumers are really looking for in 2025.

“The obvious starting point is customer service. After a decade of failed promises, we're finally seeing AI-powered assistants that genuinely understand a customer’s context - accounts, tone, urgency - and can resolve issues faster than humans, without the frustration.

“I also think AI can make finance feel more approachable. People often hesitate to ask “silly questions.” AI lowers the barrier, creating a safe space to explore financial decisions without fear or judgement. That’s a powerful shift - from exclusion to empowerment.”

“Trust lags behind capability. Right now, AI often still feels like a cold FAQ machine. But that’s changing quickly. As models become more emotionally intelligent, able to respond with empathy, nuance and awareness of your personal context, mistrust will fade.

“You’ll see the biggest shift where AI gets embedded into highly personal domains like health, education and yes, finance. I believe within the next 12 - 18 months, that trust gap will halve, especially when people experience how AI can help them, not just the business.”

“Consumers are increasingly fluid in how they think about money. They expect faster access to funds, personalised experiences, and products that adapt to their goals in real time, not just once a year at tax time.

“They’re also more values-driven. There's a growing expectation for transparency, fairness and alignment with their personal ethics. It’s no longer just about price or convenience, it’s about whether the product feels right for them.”

“Absolutely. Embedded finance will be a game changer, services like payments, credit and savings invisibly woven into everyday platforms. You won’t “go to the bank” anymore. The bank will come to you, inside your shopping app, healthcare provider, or even your car.

“Another shift is the rise of automation. AI will take over routine decisions - optimising bills, nudging you to save, pre-qualifying you for better offers. Money management will move from reactive to proactive.”

“Because historically, data sharing hasn’t felt like a fair trade. People feel like they’re giving up something valuable - privacy - and getting very little in return. Cheaper isn’t enough. What they want is better - a product that’s more relevant, faster, and genuinely helpful.

“To shift the mindset, financial institutions need to make value obvious. Show (not tell) how shared data leads to better decisions, reduced friction, and real financial gains. The other key is giving customers control: let them see, manage and revoke permissions at any time. Transparency and consent aren’t optional, they’re a feature.”

“Three things:

1. Solve real problems: not just for segments, but for moments. Understand the life events and emotional triggers that drive financial decisions.
   

2. Embed intelligence: not just AI features, but AI thinking. Help people make smarter decisions automatically.
   

3. Earn trust through transparency: on pricing, data, outcomes. In an AI-driven world, human-centred design will be the ultimate differentiator.
   

“The future isn’t about banks becoming tech companies. It’s about financial services becoming invisible, intuitive, and deeply human.”

Want to know more about how Aussies are feeling about money in 2025? Check out our Money On Your Mind Report 2025 for deeper insights into what’s driving consumers’ financial decisions.