Artificial Intelligence in the Fight Against Financial Crime - Interview with Simona Stoytchkova

The exclusive Innovate-or-Die dinner at Villa Merton in Frankfurt focused on the question: Fighting Financial Crime with AI – Innovate or Die?

Birgit Hass from Sopra Financial Technology took the opportunity to talk to Simona Stoytchkova, advisor of AIAYN and keynote speaker for the evening. In the interview, Simona provides insights into the opportunities and challenges of AI in the financial sector, explains how innovative technologies can combat financial crime, and shares her vision for the future of the industry.

Birgit: Simona, you begin your keynote speech with a look back at Florence in 1450. Why this historical introduction—and what does Cosimo de' Medici have to do with artificial intelligence?

Simona: History teaches us that power is never lost through linear competition, but through technological leaps. The Medici-Bank once controlled Europe's money flows; there was no one more powerful at the time. Until it fell because the rules of the game changed. Today, banks are at exactly the same point. Back then, it was the printing press; today, it's neural networks. The message is clear: power and stability are always borrowed – until a new technology challenges them. Agential AI is no longer a tool, but an ecosystem. Those who don't understand the lessons of history will repeat the same mistakes – namely, believing that they have time."

Birgit: You mention that banks are in a similar situation to the automotive industry when Tesla emerged. What is the biggest blind spot banks currently have—and how can they overcome it?

Simona: The biggest blind spot is that banks still believe they are competing with other banks. In fact, they are competing with entirely new ecosystems – big tech companies, start-ups, AI agents. Tesla didn't dominate the automotive industry by building better engines, but by creating a whole new narrative: software first. Banks also need to make a shift: AI-first mindset. This requires banks to empower all their employees and managers, right up to C-level, with AI on a large scale.

Birgit: In your keynote speech, you describe how attacker and defender AIs are already competing against each other in real time. What role does that leave for humans in this new security architecture?

Simona: The role of humans is shifting radically: away from analysts and toward conductors. Machines are already fighting each other today—in milliseconds. But machines don't understand meaning. Humans must decide: What risks are we willing to take? What values do we want to defend? What is our stance? We can no longer be the mouse in the game; we must become the hunter if we are to take responsibility. Humans are not out of the game. Humans determine the rules of the game."

Birgit: You introduced the “seven dragons” of banking in the age of agentic AI—an impressive metaphor. Which dragon do you personally consider the most dangerous, and why?

Simona: In my opinion, the most dangerous is the trust dragon. Money is ultimately just paper or code – its value comes from trust. When deepfakes can imitate voices and faces with deceptive realism, when identities become uncertain, the very foundation of banking is threatened. Those who lose trust lose the market. That's why I say: technology can secure processes, but only people can embody trust. Banks must ask themselves: what do we stand for when everything is digitized?

Birgit: Many bank executives feel overwhelmed by the speed of AI developments. In your opinion, what is the very first concrete step they need to take tomorrow to avoid falling behind?

Simona: The first step is to introduce an AI governance framework that not only covers compliance but also integrates opportunities and risks. That means not waiting until regulation forces you to do so, but setting your own standards. Trial is a very innovative start-up that offers this. Anna Spitznagen, the CEO, is an expert in this field.

And secondly, launch pilot projects that show how AI agents solve real problems. Agents Inc. and I are currently in the process of setting up an AI lab for banks, where we want to offer exactly that in a protected sandbox. We are looking for our first banking partners who want to join us on this journey. Not in five years, but now. Those who start small learn quickly. Those who wait stand still.

Birgit: At the end of your keynote speech, you said that curiosity and courage, rather than computing power, are the new currency. Can you give us an example of how banks can integrate curiosity and courage into their culture?

Simona: Banks need to create spaces where experimentation is allowed without immediately asking about ROI or, worse, imposing a rigid culture of error. Curiosity means trying things out before they are perfect. Courage means making decisions even though not all variables are known. An example: a bank that gives its employees their own ‘AI playground’ where they can work freely with agentic AI – without fear of making mistakes. This creates a culture in which innovation grows from within, not just from consultants. As I said, our future AI lab will create exactly this environment.

Birgit: When you look to the future—say, to the year 2035—what role will banks play in the age of agentic AI, and what will distinguish the winners from the losers?

Simona: The winning banks of 2035 will no longer be institutions that just move money around. They will be orchestrators of trust. Their AI agents will not only protect assets, but also guide customers through complex life and business decisions. The losers, on the other hand, will have stood on the sidelines and waited idly... until one day it was too late. The winners will have understood that technology is the means, and trust is the capital.

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