McKinsey Sees AI Adding Up to $340 Billion to Wall Street Profit
- Consultancy thinks tech could automate 70% of business tasks
- Banks are already experimenting with a range of generative AI
Tools like this could eventually take over repetitive tasks from most human workers, according to McKinsey’s research.
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Banks using generative artificial intelligence tools could boost their earnings by as much as $340 billion annually through increased productivity, according to consultants hoping to help the industry adapt in this fast-moving area.
This would amount to a 9% to 15% increase in operating profits, according to a McKinsey Global Institute report published Tuesday. Corporate and retail banks have the most to gain, the authors claimed.