The financial technology landscape has undergone a seismic shift in recent years, but not in the way many experts predicted. In a fascinating conversation on The Chris Hood Show, Edwin Endlich, Chief Marketing Officer at Wysh (a life insurance FinTech) and leader of the National Association for Financial Literacy and Inclusion, reveals why the AI revolution caught even industry insiders by surprise, and what it means for the future of banking and personal finance.
Why ChatGPT Succeeded Where Voice Assistants Failed
For years, AI seemed poised to transform FinTech through voice-based systems. Watson dominated headlines in the early 2000s, playing Jeopardy and promising a revolution that never quite materialized. Alexa, Siri, and Google Home became household fixtures, yet remained frustratingly limited in their capabilities.
“We had just seen things like Siri or Alexa for what seemed like five, ten years and they were awful,” Endlich recalls. “They didn’t know anything, they never worked for me.”
The breakthrough came not through better voice technology, but through a return to text. When ChatGPT launched, it represented something fundamentally different: a text-based interface that people already understood combined with genuinely intelligent responses.
“I believe because it was text-based versus voice-based, it changed the game for people,” Endlich explains. “You were used to typing and asking questions to your friends and colleagues on your computer and your phone. They hadn’t created an AI assistant like that before.”
The insight is profound: innovation doesn’t always move in a straight line. Sometimes the most disruptive technology comes from combining familiar interfaces with new capabilities, rather than forcing consumers to adopt entirely new interaction models.
The Stagnation of Voice Assistants
Perhaps most striking is how little voice assistants have evolved despite the AI revolution happening around them. While ChatGPT releases new features seemingly every week, Alexa and Google Home remain largely unchanged.
“I challenge anyone right now to ask their home system to do anything complex that you would ask from ChatGPT and you will still get the same ‘I’m unable to do that right now,'” Endlich notes. “They have really held stagnant throughout this whole revolution.”
This stagnation highlights a crucial lesson: former disruptors can quickly become the establishment. Amazon and Apple, once the companies pushing innovation forward, now find themselves in the position of the IBMs and NCRs they once disrupted, unable to move fast enough to compete with newer, more agile platforms.
The Power of Choice in Customer Experience
A recurring theme throughout the conversation is the importance of giving consumers options. Whether it’s choosing between text and voice interfaces, or selecting between automated systems and human representatives, forcing customers down a single path often creates frustration rather than efficiency.
Endlich shares a telling example from his recent experience calling a bank: “I was stuck in that phone tree where you press one for this, say your account number for this. And then when you finally get to customer service, none of that information made it over to them. You’re starting from scratch.”
The solution isn’t necessarily more AI, it’s better integration and genuine choice. Consumers should be able to select the interaction method that works best for them, whether that’s text, voice, chatbot, or human representative.
Toward Personalized AI Financial Assistants
Looking forward, Endlich envisions a future where each person has a customized AI assistant that serves as a gatekeeper to their financial life, vetting transactions for security, reviewing bank promotions for relevance, and managing routine financial tasks.
“I will have an AI assistant that I have customized on my operating system, for me it’s Apple, across all my Apple devices, one consistent assistant that I’ve built,” he explains. “And that is the gatekeeper to a lot of my financial life.”
But this future comes with important questions about control and trust. At what point are consumers comfortable allowing AI agents to make purchases or financial decisions on their behalf?
The answer, Endlich suggests, lies in a gradual training process, similar to breaking in a new assistant. Initially, AI systems will seek approval for virtually every decision. Over time, as users build trust, they’ll grant more autonomy for routine tasks.
“Right now, we will go through that awkward period of training our AI where it’ll be overly aggressive in its approval process to make us comfortable,” he predicts. “Once we’re comfortable, we’ll start saying, ‘You’ve done a hundred of these without any problems. You can do it. Go.'”
The Regulatory Challenge
One significant obstacle to AI-driven financial innovation is the complex web of regulations governing banking and financial services. Unlike phone numbers, which consumers can now port between carriers, bank accounts remain tethered to specific institutions through a combination of technical limitations and regulatory barriers.
“Until there’s a bit more standardization around [banking regulations], we’ll kind of always have this very difficult to innovate system,” Endlich observes.
The challenge is compounded by the current cultural moment. Endlich notes that we’re “in a place of real anti-regulation, anti-government type of engagement,” even though historical precedent shows that trusted regulatory frameworks often facilitate technology adoption by ensuring safety and building public confidence.
Building Trust Through Low-Stakes Engagement
For consumers uncertain about embracing AI for financial management, Endlich offers practical advice: start small and build comfort gradually.
“Take a voice memo and just talk about what you want to accomplish in your financial life over the next few years,” he suggests. “Upload that to an AI and say, ‘Organize this into a plan of action for me.’ It’s not investing for you at that moment. It’s not taking over your accounts. It’s really just starting to get you comfortable with seeing how AI can help put you on a path towards financial stability.”
Other low-stakes applications include:
- Asking AI to explain complex financial concepts in simple terms
- Using AI to analyze bank statements for spending patterns
- Seeking guidance on unfamiliar processes like probate or estate management
Endlich shares a personal example of how AI helped him navigate the complex process following his mother’s recent passing: “AI has been incredibly helpful with helping me navigate what is probate, how do I go through this, what do I have to do, versus having to somehow cobble together from Google searches what I need to do.”
The Role of Financial Literacy
As leader of the National Association for Financial Literacy and Inclusion, Endlich sees AI as a powerful tool for democratizing financial knowledge. Many people feel excluded from the financial system because of its complexity, and AI can provide personalized education without judgment.
“A lot of people feel left out of the financial system because of how complex it feels,” he explains. “Having these tools and agents there to help guide you in a way that doesn’t feel embarrassing, you could ask a lot of dumb questions and feel comfortable, I think that is really going to be a helpful tool for us in the future.”
The Timeline for Transformation
When will AI fully transform how we manage our finances? Both Hood and Endlich agree the timeline spans decades, not years. Hood draws a parallel to medical procedures: most people today would still choose a human surgeon over an AI system, though that preference will likely shift over time.
“I think in 20, 30 years, it’ll be common,” Endlich predicts, comparing the trajectory to the adoption of automobiles, a technology that initially seemed dangerous and impractical but eventually became indispensable.
The evolution will likely follow a familiar pattern: early adopters embrace the technology, prove its value, and build the trust necessary for mainstream adoption. Companies that handle mistakes gracefully and take responsibility for AI errors will thrive, while those unprepared to manage problems will falter.
Key Takeaways
- Text-based AI succeeded where voice assistants stalled because it combined familiar interfaces with genuinely intelligent capabilities
- Consumer choice matters more than channel perfection, provide options rather than forcing a single interaction model
- Personal AI assistants will evolve gradually, with users slowly granting more autonomy as trust builds
- Start with low-stakes AI applications to build comfort and understanding before tackling complex financial decisions
- Regulatory frameworks and accountability will be essential for mainstream AI adoption in financial services
- Financial literacy can be democratized through AI tools that provide judgment-free education
- Mass adoption requires mass comfort, which takes time to develop through proven reliability
Looking Ahead
The FinTech revolution powered by AI is still in its early stages. While we’re far from the sci-fi future of fully autonomous financial management, the building blocks are falling into place. The companies that will succeed are those that balance innovation with responsibility, power with accountability, and automation with human oversight.
As Endlich concludes, the goal isn’t to replace human judgment entirely, but to empower individuals with tools that make financial management more accessible, understandable, and effective. Whether through text or voice, automation or personal assistance, the future of finance is increasingly personalized, and increasingly intelligent.
Edwin Endlich is Chief Marketing Officer at Wish (wysh.com), a life insurance FinTech, and leads the National Association for Financial Literacy and Inclusion (NAFLI.org). Connect with Edwin to learn more about protecting your financial legacy or advancing financial literacy initiatives.
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