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The rise of Generative Artificial Intelligence in financial services
Banks are rapidly adopting GenAI to transform lending, boost productivity, and enhance customer experiences. McKinsey estimates GenAI could add up to $340B annually to the global banking sector.
Banks are adopting AI at speed, but what are the risks and opportunities it represents? The McKinsey Global Institute predicts that GenAI is set to benefit the banking industry hugely over the next few years. It estimates that: across the global banking sector, Generative AI could add between $200 billion and $340 billion in value annually, or 2.8 to 4.7 percent of total industry revenues, largely through increased productivity.
