Capturing the full value of generative AI in banking
McKinsey announces today the launch of its report titled “Capturing the full value of generative AI in banking” exploring how and where banking institutions can use gen AI most effectively, and how to ensure the applications are fully adopted and scaled within their organizations.
Generative AI’s stratospheric rise since early 2023, and its potential to unlock an annual $200 billion to $340 billion in banking revenues – or 9 – 15 percent of operating profits from increased productivity – has caught the attention of banking leaders around the world. In a recent McKinsey forum on gen AI, two-thirds of attending senior digital and analytics leaders said they believed that the technology will fundamentally change the way they do business. As banks continue to face broader pressure on banking economics, management teams are thinking about ways to scale AI within their organizations – and do it quickly. While scaling up gen AI is in some ways similar to adopting other new frontier technologies in an organization, gen AI also presents a new and unique set of challenges.
From McKinsey’s early involvement in gen AI, both for internal use and in its work with banks that are successfully scaling gen AI across the enterprise, McKinsey’s experts have found that delivering sustained value, beyond initial proofs of concept, requires strong capabilities across seven dimensions, they are:
- Strategic roadmap
- Talent
- Operating model
- Technology
- Data
- Risk and controls
- Adoption and change management
You can download the report here.
