Unlocking $340 Billion: How Banks Can Maximize Generative AI

Generative AI has the potential to add between $200 billion to $340 billion annually to banking, with McKinsey identifying the greatest value opportunities in corporate banking, retail banking, and risk/legal functions. Banks that strategically scale AI across these key areas stand to benefit the most.

• Corporate banking: Generative AI can create up to $321 billion in value, making it the largest opportunity.
• Risk and legal: The potential value from AI in risk management and legal functions is up to $385 billion.
• Retail banking: With a potential value creation of $306 billion, retail banking is a top area for AI impact.
• Asset and wealth management: Combined, these areas hold $104 billion in AI value.
• Talent and IT: Despite being smaller opportunities, talent management and IT functions still stand to gain from AI with an estimated $28 billion in value.

This data from McKinsey highlights the strategic areas where banks should focus their AI scaling efforts to unlock the highest returns.

SUBSCRIBE TO GET UPDATES IN YOUR MAILBOX

Follow Robert Maciejko on LinkedIn or X (Twitter)