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McKinsey Says AI Could Be Game Changer for Banks
Posted
October 11, 2023
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October 11, 2023
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4:54Now Playing"I think one of the things that's going to completely change banking is the rise of technology and AI." Renny Thomas, senior partner at McKinsey & Co., talks about the state of the global banking sector and its prospects. Banks globally reaped a $280 billion profit boost in 2022 thanks to rising rates, in the sector’s best performance since the 2008 global financial crisis, McKinsey & Co. said. Artificial intelligence could be a “game changer,” helping cut operational costs by between $200 billion and $300 billion, according to the consultancy’s estimates. Thomas speaks on "Bloomberg Daybreak: Asia."
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