Can AI truly revolutionize banking? McKinsey's experts, Violet Chung and Larry Lerner, share their insights in The Banker's article. They explore how banks can move beyond mere experimentation and harness AI to drive real business value. Key insights include: ➡️ AI's potential to add $340 billion annually to the banking industry. ➡️ Success stories of banks using AI for personalized customer interactions and productivity boosts. ➡️ The importance of a strategic AI-first approach to transform risk, sales, and operations. Dive into the full article: https://bit.ly/42fiOR4 #banking #AI #neobanks #financialservices The Banker
McKinsey Financial Services
Financial Services
New York, NY 9,485 followers
We cover the full spectrum of global financial services
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Our global experts cover the full spectrum of financial services.
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Gen AI is transforming the financial services industry, bringing both groundbreaking opportunities and new risks. So, how can financial institutions unlock its potential while staying ahead of these challenges? In their latest article, experts Amit Garg, David Schoeman, Gabriel Morgan Asaftei, Kevin Buehler, and Liz Grennan introduce a practical scorecard designed to help organisations rethink and strengthen their risk governance frameworks for the era of #genAI. Discover actionable insights on how to elevate gen AI governance here 👉 https://lnkd.in/dMpaQwMA #tech #AIgovernance #riskmanagement #financialservices
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The landscape of Africa’s fintech industry has transformed at a rapid pace. Despite the challenges, the market continues to hold great promise, with a sense of optimism resonating among fintech leaders and investors. Six dynamics are shaping the emerging African fintech landscape. To succeed, fintech leaders need to adapt their playbooks. Explore more here 👉 https://mck.co/4bqGjuE #McKinseyAfrica #Fintech #Africa #McKinseyInsight
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What does it take to transform a bank into an AI-driven powerhouse? For Emirates NBD, it meant hiring 70+ analytics experts, embedding #AI into decision-making, and setting bold goals—like a 5–7x return on AI investments. See how they made it happen and what leaders can learn from their approach. https://mck.co/4iZ3TkC #Banking #FinancialServices #NeverJustTech
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AI is reshaping industries, yet many banks are still experimental phase. Our experience with hundreds of companies across various industries shows that capturing value from digital and AI transformations requires a fundamental rewiring of how a company operates. Read our latest article to learn how banks can move from merely dabbling in AI to truly creating material value at scale from their AI initiatives: https://bit.ly/4i3xBov #McKinseyInsight #Banking #GenAI #FinancialServices
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Explore how global payments are evolving and where opportunities lie. Our report identifies six key trends shaping the industry. Discover how operators and disruptors can leverage these trends to stay competitive: https://mck.co/425v866 #payments #banking #mckinseyinsight
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McKinsey Financial Services reposted this
Nicole Zhou, Senior Partner and Leader of McKinsey’s Financial Institutions Practice in China, published an article for Asian Banking & Finance that highlights the transformative potential of generative AI in the banking sector. 🔷 Strategic Deployment: To fully harness the power of AI, Asian banks need a comprehensive, holistic transformation strategy. This involves using GenAI to create smarter, more personalized financial solutions, automating routine tasks, enhancing fraud detection, optimizing risk management, and leveraging data for deeper insights. Establishing dedicated innovation units focused on AI research and development is also crucial to drive continuous innovation. 🔷 Value Creation: The successful integration of AI can unlock significant value by driving revenue growth, reducing costs, and enhancing customer satisfaction. 🔷 Balancing Risk with Innovation: While GenAI offers immense potential, it also presents challenges in risk management and compliance. Banks must ensure their AI systems are robust, secure, and compliant with regulatory standards to maintain trust. Any lapse in data security or privacy can lead to a catastrophic loss of trust. 🔷 Talent Development: A successful AI transformation depends on a skilled workforce. Banks must invest in talent development programs to attract top AI talent, provide continuous training, and foster a culture of innovation and experimentation. Asian banks are on the brink of a transformative era driven by GenAI. Embracing this technology, addressing its challenges, and setting a bold, bank-wide vision are crucial. #AI #Banking #Asia #McKinseyGreaterChina #GenAI
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Are you ready to transform your investment strategy with cutting-edge technology and AI? Join McKinsey experts for an exclusive webinar where industry experts will share insights on how leading institutional investors and pensions are setting themselves up for a tenfold ROI through innovative tech adoption. Learn about setting long-term tech aspirations, building a robust AI foundation, and fostering collaboration for superior investment returns, operational efficiency, and risk management. Date: March 25 Time: 11AM – 12:30 PM ET Sign up here https://lnkd.in/eEBTkhRu #institutionalinvestors #pensions #genAI #US #canada
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🎉 It's a wrap! 🎉 This week, our team, including Matthieu Lemerle, Rushabh Kapashi, Laura Webanck, Matthieu de Vergnes, and Mariann Lysholm, attended the annual FIA, Inc. conference in Boca Raton. This premier event brought together over 1,200 senior leaders from the financial infrastructure ecosystem, sparking insightful discussions and strategic foresight. Thank you to all the participants for the engaging conversations and to the speakers for their invaluable insights. For more perspectives, check out our latest article: Financial Data and Markets Infrastructure: Positioning for the Future: https://mck.co/3FsekyC #FIABOCA #BOCA50 #CIB #banking
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Banks are caught between rising costs and evolving customer expectations; how to solve for this? Lasting productivity growth through simplification at scale. Our latest article digs into how banks can reimage operational models, streamline processes, cut costs, and improve customer satisfaction. Specifically building out: ✔️ Operational efficiency: simplifying decision-making and embedding agile practices ✔️ Technological advancements: harnessing #GenAI for smarter operations ✔️ Customer-centric approaches: enhancing experiences through personalization and omnichannel strategies Explore how these strategies can lead to a 15% productivity increase and a stronger financial position: https://mck.co/41JPp0Z #banking #productivity #technology #financialservices
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