Asfandyar Uppal, founder of ADS.finance, has introduced a framework he calls "The Commoditisation of Money," arguing that the widespread adoption of artificial intelligence across financial services will erode technology-based competitive advantages and elevate trust as the defining differentiator among lenders and financial institutions.

The thesis arrives amid a surge of AI investment across the global banking and lending sector, where institutions from tier-one banks to emerging fintechs are racing to automate back-office operations, credit decisioning and customer-facing services. Regulators in multiple jurisdictions have also been examining how AI models are used in credit assessments, raising questions about transparency, fairness and accountability as automation deepens.

Earlier this year, Uppal argued that sustainable private credit investing begins with downside protection rather than chasing higher yields, maintaining that preserving capital creates stronger long-term outcomes than pursuing short-term returns. He now sees another structural shift emerging across the financial services industry.

"The Commoditisation of Money" posits that as artificial intelligence reduces the cost of delivering financial services, money itself becomes increasingly difficult to differentiate. As lending, underwriting and customer service become faster, cheaper and more automated, competitive advantage shifts away from operational efficiency and towards trust, execution and customer relationships.

"Everyone is focused on how much AI can save," says Asfandyar Uppal. "The bigger question is what happens when every lender has access to the same technology. Lower costs don't necessarily create larger profits – they often create more competition."

"Money is a homogeneous product," explains Uppal. "Whether you borrow from one institution or another, you're still borrowing money. If everyone can deliver that product faster and cheaper, competition naturally becomes more intense." This observation forms the foundation of the thesis.

The transformation Uppal describes is already underway. Banks, lenders and fintech companies around the world are deploying artificial intelligence across fraud detection, document verification, compliance, loan origination, credit assessment and customer service. Industry research suggests these technologies could significantly reduce operating costs while dramatically increasing efficiency throughout financial services.

For Uppal, however, these developments represent only part of the story. Unlike most industries, finance revolves around a product that is largely identical regardless of who supplies it. As artificial intelligence becomes widely available, many of the operational advantages that once separated financial institutions are beginning to disappear. Tasks that previously required large back-office teams — including loan origination, document verification and elements of credit underwriting — can increasingly be completed by AI-powered systems.

"The biggest changes are happening behind the scenes," says Asfandyar Uppal. "Functions that previously required large operational teams can now be handled much more efficiently. Credit assessment, underwriting and loan origination are all becoming increasingly automated."

According to the thesis, this widespread adoption of AI means technological capability alone will no longer provide a lasting competitive advantage. Instead, firms will increasingly differentiate themselves through qualities that are far more difficult to automate.

"The winners won't necessarily be the firms with the best AI," says Uppal. "They'll be the firms that combine AI with speed, reliability, excellent customer service and trust."

Within ADS.finance, this philosophy is already shaping the company's approach to artificial intelligence. Rather than using AI simply to reduce operating costs, ADS.finance is exploring how intelligent systems can help borrowers better understand their financial position, improve repayment strategies and identify more suitable lending solutions before speaking with lenders. The objective is to empower borrowers through better information while preserving human judgement where it matters most.

Uppal believes this human element will become increasingly valuable as borrowers gain access to more sophisticated AI tools. Customers are already becoming better informed before contacting lenders, comparing products more easily and expecting faster decisions. While price will remain important, he believes long-term customer relationships will continue to depend on qualities technology alone cannot provide.

"Customers still value reliability and good service," says Uppal. "Speed matters, but people also want confidence that someone will help when problems arise. Human relationships remain incredibly important."

Looking ahead, Asfandyar Uppal expects artificial intelligence to become embedded across virtually every stage of financial services. Borrowers may know how much they can borrow before speaking with a lender, administrative processes will become increasingly invisible and operational efficiency will continue to improve. Yet he believes The Commoditisation of Money will make one competitive advantage even more valuable than it is today: trust.

"Technology changes remarkably quickly," says Asfandyar Uppal. "Trust doesn't. That's why I believe The Commoditisation of Money will become one of the defining forces shaping financial services over the next decade."

He concludes with the principle that underpins the thesis: "AI will reduce the cost of delivering financial services, but it won't change the fact that trust remains the most valuable asset in finance."