McKinsey Says AI Could Be Game Changer for Banks

"I think one of the things that's going to completely change banking is the rise of technology and AI." Renny Thomas, senior partner at McKinsey & Co., talks about the state of the global banking sector and its prospects. Banks globally reaped a $280 billion profit boost in 2022 thanks to rising rates, in the sector’s best performance since the 2008 global financial crisis, McKinsey & Co. said. Artificial intelligence could be a “game changer,” helping cut operational costs by between $200 billion and $300 billion, according to the consultancy’s estimates. Thomas speaks on "Bloomberg Daybreak: Asia."
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