McKinsey describes AI as a double-edged sword: it offers banks the potential to cut operating costs, yet could also disrupt traditional profit pools as customers use AI tools to manage their finances more efficiently.
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Banks
By targeting markets that are underserved by traditional banks, neobanks and fintechs are quickly gaining ground on incumbents, one strategic segment at a time. Many traditional banks now find themselves playing catch-up, but they are often hampered by complicated IT architectures and conflicting business priorities.
Banks in Asia’s financial hubs such as HSBC Holdings Plc and Citigroup, Inc. are finding that the disruption from the coronavirus outbreak is helping them push back on a threat from a breed of virtual upstarts.