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FintechJune 29 2023

Generative AI could save banks billions

A McKinsey reports spells out the next steps for banks wanting to get the most value from AI. Bill Lumley reports.
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Generative AI could save banks billionsImage: Getty Images

Banks and the wider financial services sector are poised to benefit from savings arising from generative artificial intelligence (AI) to the tune of $200bn to $340bn annually, according to a report published by McKinsey in June.

On top of that impact, the use of generative AI tools could also enhance customer satisfaction, improve decision-making and employee experience, and decrease risks through better monitoring of fraud and risk.

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