AI in banking: The good, the bad and the ugly

ARTIFICIAL intelligence (AI) and machine learning (ML) are widely celebrated as the most influential technology and business trends today.

McKinsey research suggests that a convergence of 15 disruptive technologies – from cloud to climate – will transform the future of businesses and organisations. Some US$1 trillion in capital has been invested into companies producing or linked to these.

Of the 15 technologies, three have witnessed high maturity in terms of business adoption – applied AI, cloud computing and advanced connectivity. Generative AI (GenAI), the newest kid on the block, may be low on the maturity scale but also holds enormous potential for businesses, especially financial institutions and other service industries.