McKinsey finds banks' AI investments faltering amid legacy systems
Business
Banks have poured a lot of money into artificial intelligence, hoping for smoother customer service and lower costs.
But according to a new McKinsey report, these efforts aren't working out because banks are just layering AI onto old, outdated systems instead of actually updating how things work.
McKinsey report cites process, alignment, regulations
The report points out some big roadblocks:
Banks often don't fix the real reasons behind customer issues when they automate, so the tech doesn't help much.
There's also a disconnect between what tech teams want and what business leaders care about, and strict regulations make it hard to scale up AI.