Move first or fall behind: How AI is rewriting the rules of banking
5/28/202624 min
McKinsey’s latest research on global banking demonstrates that artificial intelligence isn’t just another efficiency play for financial institutions; it represents a fundamental shift in how these companies manage costs, attract and retain customers, and stay ahead of the competition. In this episode, Ido Segev, McKinsey senior partner and Roberta Fusaro, editorial director talk about the speed with which AI is advancing, what’s holding banks back from scaling it, and the potential advantages for early movers.
Theme music composed, performed, and produced by Joy Ngiaw.
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First 90 secondsIdo Segev· Guest0:00
[intro music] There are so many places where you can apply AI and agentic, and you could say, "I can see opportunities here, and I can see opportunities there, and it could be in my front office, in my back office, in commercial lending, in digital marketing." Focus. What are the two or three areas, at least out of the gate, that can provide disproportionate value?
Roberta Fusaro· Host0:22
That's McKinsey senior partner, Ido Segev. He's talking about the first steps that banks should take to integrate AI across all their operations. He joins us to explore how AI is already transforming banking at every level, from profits to customer relationships to competition. McKinsey's research and today's headlines point to lots of experimentation happening in banks. But what really works? Let's find out. [outro music] This is The McKinsey Podcast, where we help you make sense out of the world's toughest business challenges. I'm Roberta Fazzaro, your host for today. Ido, it's good to see you.
Ido Segev· Guest1:08
Yeah, it's good to see you, Roberta, and thanks for having me.
Roberta Fusaro· Host1:12
Every year, McKinsey releases its Global Banking Annual Review, and I guess to no one's surprise at all, one of the biggest themes this year is artificial intelligence, AI, and its impact on banking. Ido, what are you telling clients about