McKinsey: Banks scramble as generative AI reshapes financial choices
Banks are scrambling to keep up as more people use generative AI for financial decisions, says a new McKinsey report.
Unlike older tech that took ages to catch on, today's AI can handle tricky tasks (like finding the best savings accounts or giving instant advice) in just a couple of years.
People are already turning to generative AI for everything from debt refinancing to comparing financial products.
Claude AI outperforms some stock pickers
AI tools like Claude are now outperforming professional stock pickers in some areas, which is shaking up traditional banking know-how.
Trust in these tools is rising fast: 77% of respondents trusted gen AI for simple research, while 69% trusted it for complex advice.
With Millennials and Gen Z leading adoption (63% and 61%, respectively), banks need to innovate quickly or risk getting left behind.