AI could eat into banks' profits, says new McKinsey report
A new 2025 McKinsey report warns banks could lose up to $170 billion—about 9% of their profits—over the next decade if they don't keep up with autonomous AI agents.
These smart systems can move your money to better interest accounts automatically, which could seriously shake up how banks make money.
AI agents can make smart moves
AI agents can handle complex moves like switching your cash for higher returns, breaking the old habit of just leaving money where it is.
If even 5-10% of people's balances shift because of these bots, McKinsey says banks' deposit profits could drop by 20% or more.
Banks need to adapt or risk losing out
Banks that jump on AI early could boost their returns by up to four percentage points. But those slow to adapt may see shrinking profits long-term.
The real winners will be the ones who use their data smartly and rethink banking—not just automate what they already do.