SHARE The adoption of artificial intelligence technologies could potentially deliver up to $1 trillion of additional value each year for banks, according to global consultancy McKinsey. AI technologies can help boost revenues for banks through increased personalisation of services to customers, lower costs through efficiencies gained by higher automation, reduced error rates and better resource utilisation. They could also uncover new opportunities based on an improved ability to generate insights from vast troves of data, the consultancy's “As customers conduct a growing share of their daily transactions through digital channels, they are becoming accustomed to the ease, speed and personalised service offered by digital native [companies], and their expectations of banks are rising,” Renny Thomas, senior partner at McKinsey, said.