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Understanding the economic potential of generative AI

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The rise of generative AI

In the news

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Custom credit cards. Although generative-AI tools have clearly captured the world's attention, finance leaders have been using computers to automate banking for decades, starting with ATMs in the 1970s. Still, generative AI represents a breakthrough in the development of artificial intelligence. Generative AI’s ability to use training data to create new content could give financial institutions the capacity to personalize products for every consumer. Banks might, for example, offer credit cards with financial perks that factor in how frequently someone orders takeout or travels for work. [Fortune]

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The AI-enabled accountant. Companies’ finance and accounting departments are filled with routine activities. Now, CFOs are exploring the potential of generative AI to automate tasks even as organizations are trimming costs and dealing with a shortage of accountants. By producing lengthy reports and presentations, generative AI could remove much of the typical work for auditors and accountants. That might allow finance professionals to play a greater role in decision making, which in turn may spark more interest in these careers. [WSJ]

About 75% of the value that generative-AI use cases could deliver falls across customer operations, marketing and sales, software engineering, and R&D.

On McKinsey.com

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Productivity boost. As companies rush to adapt and implement generative AI, understanding its potential to deliver value to the economy and society will help shape critical decisions about the technology. Generative AI’s impact on productivity could add trillions of dollars in value to the global economy. Our latest research estimates that generative AI may add the equivalent of $2.6 trillion to $4.4 trillion annually across 63 use cases, McKinsey senior partner Lareina Yee and coauthors explain.

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Transforming knowledge work. Generative AI is likely to have the biggest effect on knowledge work, particularly activities involving decision making and collaboration. The capacity to automate activities that require applying expertise has increased to 58.5% in 2023, from 24.5% in 2017, while the ability to automate managing and developing talent jumped to 49.0% in 2023, from 15.5% in 2017, McKinsey estimates show. Consider how leaders may use generative AI to potentially create value, streamline processes, and augment employee performance.

See what generative AI could do

— Edited by Belinda Yu, editor, Atlanta

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:35 - 1 Aug 2023

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Finance, Loan And Investment Opportunity

Understanding the economic potential of generative AI

The rise of generative AI

In the news

About 75% of the value that generative-AI use cases could deliver falls across customer operations, marketing and sales, software engineering, and R&D.

On McKinsey.com