Alex Khomyakov: Hello everybody. In this episode of the Curiosity Code, we're exploring the future of financial services—from digital transformation and payments innovation to the real-world impact of generative AI and regulatory change. Joining us today is Krista Griggs, an industry leader who has spent over two decades guiding banks, fintechs, and technology teams through complex transformation journeys. As Head of Banking, Financial Services, and Insurance at Fujitsu UK, Krista has helped some of the world's largest financial institutions modernize legacy systems, embrace new technologies, and build cultures of innovation. She is currently a GFT technologist and Global Account Director. She is also recognized as a Top 100 Woman in FinTech, a passionate advocate for diversity, and the driving force behind some of the most ambitious change programs in the industry. Krista, welcome to the show.

Krista: Thank you very much. I'm very happy to be here.

Alex Khomyakov: Let's start from the top. You've had quite a fascinating career across banking, tech, and consulting. What inspired you to shift into the fintech space, and what keeps you curious today?

Krista: I've always been really curious about how technology can change the way we experience things. I started my career working in a bank in the Netherlands, my native country, and I quickly became part of the team that built the first internet banking app—this was before mobile apps existed. It was a completely different way of doing things. Throughout my career, I've always been involved in exploring how technology can change what we do, how we do it, and how we interact with organizations and governments. I think FinTech is a really exciting space at the moment. There's so much change going on, so many opportunities, and I think it's really driving change in society for the good and the benefit of people. I often liken technology to art—it creates new reflections and new ways of imagining how we do things.

Alex Khomyakov: That's fascinating. From your experience working with both legacy financial institutions and more modern tech companies, how do you bridge the gap between traditional banking and digital innovation?

Krista: I think the interesting part is that both have real value. There's tremendous strength in the trust that legacy banks have built, the recognition, and the loyalty from consumers. But at the same time, after the financial crash, neo-banks and fintechs came in and really changed perceptions of what's possible.

Krista: And what we're now seeing is the convergence of those two worlds. There was once real diversification, but now we're seeing these ecosystems work together, combining the power and deep historic customer knowledge of legacy banks with new ways of thinking and doing things. This convergence is creating a whole plethora of new services that ultimately benefit society in the way we operate and consume financial services. Both models have their struggles, and I often find myself at the intersection where the two worlds meet.

Alex Khomyakov: Yeah, I think that's the place to be. What I find challenging is that throughout the innovation cycles, we always have to look back at compliance and regulatory challenges. How do you balance the business need for rapid innovation with the realities of compliance and legacy systems, especially in banking?

Krista: It's an interesting challenge that organizations have been navigating. In many ways, innovation tends to regulate itself to some degree. We're seeing this with AI systems, for example. There's a strong drive and adoption of ethical, explainable frameworks—companies are building communities to communicate, connect, and interact more proactively in order to create safe environments. If it's not safe, people simply won't use it, and for it to be successful, it needs to be safe. We've recently seen Sam Altman testify before the U.S. Senate about the need for regulation. The current situation with AI is a great example. There are many other transformative technologies as well—distributed ledger technology (DLT) is changing perceptions and capabilities, quantum computing is enabling new ways of solving complex problems. But ultimately, what we're seeing is the convergence of these innovations with legacy banks that are trying to adopt and keep up with competitors who have already taken a significant slice of the market, while also wanting to lead in these new areas.

Krista: At the same time, there is a noticeable hesitance in large banks to adopt AI technologies specifically because there is no clear regulation yet. Financial innovation often regulates itself, but uncertainty remains. Benchmarking measures and safety tools are being developed in the marketplace, and institutions are competing not just on capability but on safety as well. Still, many business leaders in large banks are worried about future regulations. If they don't build compliance considerations into solutions now, they risk facing regulatory issues later. On the flip side, the constant evolution of regulations is actually driving adoption in some areas. For example, we're working with global banks to implement AI solutions that help them keep up with the growing fraud challenges driven by innovation, enabling them to respond faster to compliance and regulatory pressures. Without such technologies, managing these processes manually at their current scale would be impossible.

Krista: Fraud in the industry is increasingly driven by innovation, and using new technology allows us to respond faster to compliance and regulatory pressures. Without automation, banks simply wouldn't be able to handle processes manually at the scale required today.

Alex Khomyakov: I'd like to continue the conversation about AI and what's happening with this technology in the context of financial services and banking. We've spoken a lot about AI in previous episodes, and we keep stumbling upon different use cases—sometimes obvious, sometimes less so. Where do you see the most promising use cases for generative AI, and what are the main challenges to adoption?

Krista: I think generative AI (Gen.AI) and agentic AI, which is starting to take shape now, are slightly different. From a Gen.AI perspective, it's extremely useful in consumer interactions because it's driven by natural language, making it a much more intuitive way of engaging with services. For example, chatbot solutions are being built into apps, providing a better service experience for consumers—as long as it's controlled, managed properly, and allows escalation to live human agents when necessary.

Krista: Similarly, in employee engagement, AI can help remove mundane, repetitive processes, allowing people to provide more value in their work by offloading routine tasks to AI. Finally, in the back office, agentic AI is playing a big role in automation. We're seeing its use in code development across industries, even cases where layoffs occur because AI can now generate code. However, there are issues with this as well. A recent study at Carnegie Mellon created a virtual company staffed entirely with AI agents. The result was inefficient and chaotic—the agents worked against each other, and without human oversight, the system simply failed. Some of the inefficiencies we see in human processes crept into AI-managed processes as well.

Krista: I think it's fascinating to see how AI can augment human efforts, but it requires evolving solutions that provide continuous value. We need to measure outcomes, adjust strategies, and ensure this is done responsibly. From a compliance perspective, it’s critical to build in the right checkpoints and maintain human interaction, ensuring that AI remains aligned with a company's objectives and regulatory requirements.

Krista: ...to those objectives that ultimately, as a company, you still want to control.

Alex Khomyakov: Yeah, it's fascinating to be inside this kind of revolution. Like the example you gave about a company powered 100 percent by AI—I imagine that sometime in the future, maybe in six months, a year, or even less, this will be possible. Things are moving so fast. I was reading some papers this morning and I saw more and more cases of "one-person unicorns"—companies generating incredible revenue per employee. I think we are getting there. But still, like you said, it's more about augmentation. Whoever learns how to leverage technology in the best way, complementing fundamental human talents, wins the game today. It's exciting to think about what might happen in the future.

Krista: Yeah, and I think governments will play a big role in that as well. Regulation can actually drive innovation and the adoption of services. We've seen this with open banking in the UK, where HMRC adopted it for tax payments. I believe next year or the year after, they'll also start using it for paying out government benefits. When that happens, more people will start using these kinds of services. But still, adoption is relatively low because people remain hesitant to fully trust them.

Alex Khomyakov: Speaking about the payments landscape, are there any trends or technologies you're most excited about right now?

Krista: At the moment, everything is converging. If you look at the platform economy that developed in retail more than anywhere else—the ability to interact and connect—I mentioned the example of governments connecting through financial services. Banks are also moving toward delivering some sort of platform-based services to better support payments. Ultimately, people aren't looking to "make a payment"—they're looking to purchase something, and the payment, in whatever form it takes, should just be a seamless part of that process. We've seen a huge diversification over the last five years in payment rails and methods. And now, for example, Google has just released a new AI service called "Buy for Me."

Alex Khomyakov: Mm-hmm.

Krista: And then what you get into are the legal ramifications—if there are any issues in that process, who's accountable when there's no human in the loop? These questions directly affect the payment rails. This is from a retail perspective, but I think we'll see similar challenges in commercial banking as well, especially with the ongoing shifts in global politics and the world economy. There is growing demand for international trading and cross-border payments. This is where distributed ledger technology (DLT), digital assets, and stablecoins might provide a completely different way of releasing trapped value in these processes, which today can take days or even weeks to complete. I think these areas offer opportunities for major innovation. Banks, payment providers, and fintechs all have a significant role to play in understanding pain points and trying to resolve them. There’s still a lot more to come in terms of changes and improvements in this space.

Alex Khomyakov: Yeah, I think payments are evolving quite rapidly, largely driven by customer expectations. The new generation expects faster transactions and a better user experience in general. So let's take it one step further and talk about the future of digital banking. How do you envision that?

Krista: I think that's a really interesting question. Honestly, I have no idea. As I said, consumers don't set out to use a "financial product." They want to start a company and need a loan. They want to buy a house and need a mortgage. These are life events driving their need for financial services.

Krista: I think it’s a really good question, but it's difficult to imagine what’s going to happen because ultimately consumers don’t set out to use a financial service. They're not actively looking for a product from a bank—they’re looking to buy a house…

Krista: ...and therefore they need a mortgage, or they want to start a company, or they want to grow their business and need a loan. They're looking for protection, whether through longevity and pensions or through insurance. None of this is about the actual financial product they want—it's just a channel, a means to achieve an outcome. We saw this first in the retail space.

Krista: Subsequently, we're now seeing this trend in wealth management. With the great wealth transfer underway, younger generations are inheriting wealth and expect to interact very differently. They want diversification in the types of assets they invest in. As you mentioned, it’s all driven by consumer experience, and ultimately, that's going to shape what becomes possible.

Krista: Think back just three years ago, when ChatGPT first came out and couldn't even search the internet. Look where we are now. The future made possible by these types of technology is remarkable. Quantum computing, for example, is enabling things that were previously impossible because we lacked the compute power to process data quickly and reliably. Now, those barriers are falling.

Krista: Things are moving so fast; it's like a big flywheel that's already running. How this evolves depends on the sequence of events—the order in which certain levers are pulled—and how global economies and regulators respond. In APAC regions, for example, we see far more innovation because regulators are more flexible and open. Europe, traditionally, is more hesitant and conservative.

Krista: And that will change the dynamics of how this plays out. As I said, it’s an incredibly exciting time to see where this convergence of innovations will take us. I think it’s going to go far beyond what we can imagine today.

Alex Khomyakov: Yeah, I like the concept of the innovation flywheel that you brought up. While it’s powered by consumer expectations, the real driving force comes from fintechs, startups, new banks, and even traditional institutions adopting new technologies. At the same time, we’re facing increasing regulatory complexity in the UK and EU. How can innovation and compliance be balanced in a scalable way?

Krista: It has to be a partnership. It’s important to understand the direction of compliance and establish the principal guardrails. That’s what the industry is asking for: clear guidance on where regulators want us to go, so we can navigate the rest.

Krista: Having light-touch regulation that provides direction allows the industry to continue self-regulating and evolving. Traditional banks are also investing significant venture capital into fintechs driving innovation. It's about being aware of both sides, experimenting regularly, identifying potential outcomes, anticipating pitfalls, and understanding which groups of people might get left behind in the process—while also keeping an eye on what’s truly possible.

Krista: ...pitfalls and the people that might get left behind sometimes. But equally, we must also focus on what’s possible. It's very easy to be a pessimist when looking at regulation and say, "Stop, we must halt everything." I remember, maybe a year or 18 months ago, there was an open letter calling for a stop to AI development. But the reality is, you can't stop. Malicious actors won't stop. Other nation-states won't stop either.

Krista: So, governments, the fintech industry, and investors need to work together, guide development in the right direction, put enough checkpoints in place, and continuously ask: Are we achieving the outcomes we want? Is this good for people? Is it good for society? Is it good for business? Then adjust as you go. You can’t fully predict the future because the technology is too complex and evolving too rapidly. No government I know of can regulate this technology quickly enough or in sufficient detail to manage it effectively. Much like the early days of the internet, innovation will happen first—you need to see where it takes you and course-correct frequently along the way.

Alex Khomyakov: Krista, you've been recognized as a Top 100 Woman in FinTech. What does this recognition mean to you, and how do you see the role of women evolving in the fintech sector?

Krista: I think it's fantastic, and I'm really pleased about it. I'm genuinely excited for women in the industry right now. There are phenomenal role models leading change and moving the sector forward. Women hold at least 50% of the buying power in society, so it’s critical they help shape how we build financial services. I feel empowered, and I feel a responsibility to pay it forward—to bring new talent along and encourage other women to step in. There’s also been a significant surge in fintech founders who are women, and there are growing efforts to proactively fund female-founded companies. Women often bring a different perspective, which is much needed in some underserved parts of society.

Alex Khomyakov: Yeah, congrats by the way on the recognition. I'd like to touch a bit on the cultural aspects of your experience. At Fujitsu, you led cross-functional teams across industries. What's your approach to cultivating innovation in such a complex, highly regulated space?

Krista: Thank you.

Krista: I think there are a few factors that apply to any organization, whether it's small or large—there's always inertia. I now work for a smaller company, still significant in size, but with a strong startup culture. In the past, I've worked at Lockheed Martin in Defense, Fujitsu, GFT, and others. To create innovation, you have to set a clear vision and make sure you bring people along for the journey. They need to understand what's in it for them and how they can achieve outcomes. You have to remove fear, find the people willing to take risks, try new things, and build momentum.

Krista: This positive energy can come from innovation and success. Personally, I love new things, I love transformation—I get bored easily. The key is finding the right people, creating a safe space for them to try, sometimes fail, learn, and move forward. A lot of this comes down to psychological safety, setting a vision, and creating positive momentum for people to step out of their comfort zones.

Alex Khomyakov: We’ve talked about a culture of innovation and women in tech. My next question is for new fintech leaders, especially those just starting their careers. What advice would you give them?

Krista: First, be curious and keep learning. Things are changing so rapidly—there's a joke in AI that every week you have to relearn to stay an expert in your field. Also, think about where your curiosity intersects with where you can create value and help people. This is similar to the Japanese concept of Ikigai—understanding where your passion lies, where you can add value, and pursuing that relentlessly. Be brave, try, and don’t give up.

Alex Khomyakov: That’s quite inspiring. Krista, I'd like to wrap it up with a conceptual question. I've been thinking about this myself, and it’s challenging, so bear with me. If you could redesign the financial services industry from scratch, what principle would you build it on?

Krista: For me, it would be distributed trust. One of the biggest blockers to progress is monopolies and lack of trust. Trust is essential. Going back to the financial crisis, that was one of the key moments that disrupted trust—not just in financial institutions, but across society, and it lasted for a long time. The internet distributed access to information. I believe we need a similar network for financial services, democratizing access to personal data and services, and allowing true individualization of solutions for people's evolving needs. At the same time, we must protect individual privacy, autonomy, and agency. Distributed trust needs to be at the heart of this. The difficulty in achieving it is one of the reasons innovation is often blocked today.

Alex Khomyakov: The system you describe resembles cryptocurrency and blockchain.

Krista: To some degree, yes. Cryptocurrency and blockchain have trust by default. But I’m thinking more about zero trust. While there’s definitely a DLT (distributed ledger technology) foundation to this, there’s also a huge amount of distrust in cryptocurrencies due to their anonymization and lack of control. I think we need a middle ground where individuals have more agency, but there’s also stronger regulation to prevent fraud.

Alex Khomyakov: Well, Krista, thank you very much for your time. It’s been a great conversation. I had a pleasure interviewing you.

Krista: Fantastic, thank you so much. It was great to be here. Thank you for having me.

Alex Khomyakov: And to our listeners, thanks for staying with us until the end. Don’t forget to hit the like button, leave a review on your podcast platform, and subscribe to our YouTube channel. See you in the next episode. Bye-bye.