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Why AI Won’t Replace Banking Software Yet - Chris Walters (CEO, Finastra)
Can an AI agent release a $10 million payment?
In this episode of WRAP UP, I sit down with Chris Walters, CEO of Finastra, to discuss where AI is creating real value for banks and where the industry needs to slow down.
Chris explains why high-stakes payment decisions still need human oversight, how Finastra’s Global PAYplus platform directs around $7 trillion in payments each day, and why deterministic banking systems will remain essential even as AI becomes more capable.
We also discuss Finastra’s decision to narrow its focus to lending and payments, AI-powered payment investigations and repairs, the future of stablecoins in corporate payments, open-weight versus frontier AI models, and why banks should prepare now for tighter AI regulation.
Chris makes the case that the future is not AI replacing banking software. It is AI working alongside modern systems, better processes, and human controls.
We also cover:
- Why banks should not let AI agents autonomously release major payments
- How Finastra’s Operator Assist can reduce the time spent investigating and repairing failed payments
- Why AI needs audit trails and controls before regulation catches up
- Whether banks and banking-tech providers are becoming too dependent on OpenAI and Anthropic
- Open-weight models, rising AI costs, and using the right model for the right task
- Why AI-native competitors will not necessarily win by adding AI to every part of banking
- How modern software, better processes, and AI can each drive efficiency
- Stablecoins, crypto and new payment rails in corporate payments
- Why Finastra sees Visa, Mastercard and Stripe as potential collaborators as well as competitors
- How AI could help banks move away from legacy technology faster
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