AI-bank of the future: Can banks meet the AI challenge?
Suparna Biswas, Brant Carson, Violet Chung, Shwaitang Singh, and Renny Thomas – McKinsey & Company
Artificial intelligence technologies are increasingly integral to the world we live in, and banks need to deploy these technologies at scale to remain relevant. Success requires a holistic transformation spanning multiple layers of the organization.
In 2016, AlphaGo, a machine, defeated 18-time world champion Lee Sedol at the game of Go, a complex board game requiring intuition, imagination, and strategic thinking—abilities long considered distinctly human. Since then, artificial intelligence (AI) technologies have advanced even further,1 and their transformative impact is increasingly evident across industries. AI-powered machines are tailoring recommendations of digital content to individual tastes and preferences, designing clothing lines for fashion retailers, and even beginning to surpass experienced doctors in detecting signs of cancer. For global banking, McKinsey estimates that AI technologies could potentially deliver up to $1 trillion of additional value each year.2
Follow the link below for the full article detailing if banks can move from experimentation around select use cases to scaling AI technologies across the organization.