Banks not getting expected benefits from AI due to outdated systems: McKinsey

New Delhi [India], May 1 (ANI): Banks are failing to unlock the full value of artificial intelligence (AI) despite heavy investments, as they continue to rely on outdated systems and processes, according to a recent report by McKinsey & Company.

The report, titled “The AI-powered bank: Rewiring for excellence in customer care,” said that while AI has become a “centerpiece of investment” in banking customer operations, the expected gains are not materialising across the industry.