ChatGPT’s tsunami-like landfall in November 2022 made clear that generative artificial intelligence (AI) marked a profound advancement with broad applicability. Yet just as AI’s newest incarnation represents a major opportunity for businesses of all stripes, it’s also a potentially significant boost for bad actors — and banks, in particular, need to be on guard.
Corporate consultancy McKinsey & Co. expects generative AI to add some $4 trillion to the global economy, including up to $340 billion annually in banking, mainly through increased productivity. With interest rates possibly remaining high for some time, bank profits and growth could be under pressure, which is sure to make AI-driven efficiencies all the more desirable.
