Ai Vision for Fintech – Startup Coalition’s Response to the Mills Review
“At Startup Coalition, we view the availability of financial advice through generative AI tools as the single biggest aid in increasing financial inclusion since the advent of online banking first put everyday financial services directly into people’s hands.”
A quote from our AI Vision for Fintech, published today as our response to the Mills Review on AI.
In our response, we make one central argument: the policy question is not whether to allow AI, but whether the UK’s regulatory and data infrastructure will channel it towards pro-consumer, pro-competition outcomes.
By 2030, the shift will be from “AI as a feature” to “AI as an operating layer” – agentic systems that can analyse, recommend and execute financial actions across a consumer’s portfolio. Whether this empowers challengers or entrenches incumbents depends on who controls data access, distribution interfaces and execution rails.
Consumers are already using general AI tools for financial guidance. Rather than attempting to suppress this trend, regulators should enable regulated firms to compete – aligning advice reform with real behaviour and accelerating Open Finance.