The management consultant states that a growing number of bank consumers are turning to AI to optimise their finances. This includes the use of agentic AI and autonomous bots.
,According to McKinsey, this could affect the amount that banks make from customers with low interest accounts
,“Imagine you have an AI agent that says: ‘Hey, you could save $2,000-a-year by moving your money,’” said Pradip Patiath, a senior partner at McKinsey, whose comments were reported by Bloomberg. “It automates a lot of the inertia that is in the system today.”
,The McKinsey report states that $23tn of the $70tn in the consumer banking sector are held in zero interest accounts. Unless banks adapt their offerings, this could amount to a loss of 9% to the bottom line, which would push average returns for banks below the cost of capital.
,And while the use of AI should lead to initial savings of between 15% and 20% of operating costs. These benefits will erode over time due to competition.
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