The wealth conversation is shifting to the AI platforms
Figure 1. After successfully fending off the robo-advisory wave, banks now face a bigger challenge from AI-native platforms
2010 → Robo-Advisory
2025 → Agentic Wave ► ► ►
How Do Incumbents Respond?
Fintech Platforms
AI Platforms
Traditional Banks
Excelling at digital KYC and automated onboarding; focused on operating efficiencies, not advise.
AI-native entrants building a new engagement layer between banks and their wealthy clients; the engagement is the product.
Relationship-driven but static and product-bundled wealth management advise; trust moat from regulatory standing and balance sheet stability.
Betterment2010US
Nutmeg2012UK
Endowus2019SG
Perplexity
> 75% of its users ask financial questions
OpenAI
200 million people using ChatGPT each month for assistance with budgets and investments
Citibank ‘City Sky’US
OCBC ‘WoW’SG
CBA ‘Companion’AU
Latest Signal
Endowus: positioning as fee-only platform. Shift towards tech-enabled fiduciary scaling — expanding alternative investments and family-office integration.
Latest Signal
OpenAI: “What we’re building towards is where you have your own personal agent that is capable of helping you across everything in your life, be it personally or at work.” Thibault Sottiaux, head of core product and platform at OpenAI
Latest Signals
BBVA Spain: reached an agreement with OpenAI that allows its customers using ChatGPT to securely access their banking data.
Grasshopper US: enables business clients to connect bank account data to Claude for financial queries and analysis.
Grasshopper US: enables business clients to connect bank account data to Claude for financial queries and analysis.
Source: TABInsights