McKinsey report: Agentic AI cuts manual transaction-monitoring up to 50%
A new McKinsey report says banks can cut up to 50% of their manual workload in transaction monitoring by using agentic AI.
Instead of people slogging through data and paperwork, AI handles the routine stuff, collecting information and preparing reports, so experts can tackle the trickier cases.
Plus, these AI-made reports are more consistent and can link back to the original data.
Banks need oversight and quality checks
Even with all this automation, McKinsey points out that human oversight is still key.
AI can crunch numbers and suggest actions, but people need to review results and fill in any gaps.
As Hans-Georg Beyer, Commerzbank's chief credit risk officer and former group chief compliance officer, puts it, "AI augments our work, but all judgments remain with our team."
Banks also need solid quality checks for any decisions made by AI, especially as this approach could be extended beyond transaction monitoring to fraud detection, know-your-customer checks, and regulatory compliance.