McKinsey: AI could handle 70% of repetitive bank risk tasks
Business
McKinsey's report suggests AI could handle up to 70% of the repetitive tasks in banks' risk departments: think data collection and compliance checks.
This would let bank teams focus more on big-picture strategy and smarter risk analysis, but the report is clear: humans are still needed for tricky decisions.
Banks need a unified AI plan
Early uses of AI in areas like wholesale lending have already boosted productivity by up to 50%.
But for banks to really benefit, they'll need people who get both risk and tech, plus better teamwork across departments.
McKinsey also warns that scattered, uncoordinated AI projects won't deliver real results. Banks need a unified game plan to stay ahead.