AI Erodes Banks’ Information Edge in Wealth Management

Banks have long anchored wealth management on superior knowledge of clients’ assets, risk appetite and investment goals. Germany-based WealthTech provider fincite says generative AI is eroding that information advantage by combining financial data with life-stage changes and behavioural signals. That challenges the industry’s reliance on static profiles built around age, risk class and investment horizon, while raising the prospect that technology platforms — rather than banks — could control the primary customer relationship.

Friedhelm Schmitt, fincite’s co-founder and chief executive, said on July 23, 2026, that OpenAI is embedding financial functions into ChatGPT while Anthropic is pushing its models into corporate finance. fincite • cios, the company’s modular platform, is used by more than 9,000 wealth managers across Europe. Schmitt outlined a three-layer banking stack spanning data aggregation, business applications and AI, and regulatory compliance, arguing that banks must retain control of compliance and client data or risk becoming infrastructure providers.