Finding value in generative AI for financial services

According to a McKinsey report, generative AI could add $2.6 trillion to $4.4 trillion annually in value to the global economy. The banking industry was highlighted as among sectors that could see the biggest impact (as a percentage of their revenues) from generative AI. The technology "could deliver value equal to an additional $200 billion to $340 billion annually if the use cases were fully implemented," says the report. For businesses from every sector, the current challenge is to separate the hype that accompanies any new technology from the real and lasting value it may bring. This is a pressing issue for firms in financial services.