Move first or fall behind: How AI is rewriting the rules of banking

Artificial intelligence and agentic technology are fundamentally reshaping the banking industry, shifting the focus from mere experimentation to strategic integration. Banks must prioritize high-value use cases, such as operational efficiency in call centers and sales productivity, while navigating regulatory guardrails and building customer trust. Scaling these technologies requires a cross-functional approach that includes upskilling employees and actively monetizing the capacity released by AI. McKinsey senior partner Ido Segev highlights that while AI can drive significant cost improvements—potentially translating to $250 to $500 million per $100 billion in assets—this profitability will likely be competed away as the industry matures. Ultimately, success depends on "precision over heft," where banks leverage data and targeted strategies rather than relying on sheer size to capture market share and maintain competitive advantage in an evolving financial landscape.