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Ido Segev | Move First or Fall Behind: How AI Is Rewriting the Rules of Banking, Sonic AI
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The McKinsey Podcast
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Move First or Fall Behind: How AI Is Rewriting the Rules of Banking
The McKinsey Podcast
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May 28, 2026
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24:07
Interview
Move First or Fall Behind: How AI Is Rewriting the Rules of Banking
From
The McKinsey Podcast
Roberta Fissaro
(Host, McKinsey Podcast)
•
Roberta Fusaro
(Host)
•
Ido Segev
(Senior Partner, McKinsey)
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Executive Summary
AI is poised to fundamentally transform the banking industry, with a McKinsey report projecting it could reduce a bank's overall costs by up to 25%, translating to $250-$500 million in additional profit per $100 billion in assets.
Despite massive potential for cost savings, intense competition from fintechs and other banks is expected to transfer these gains to customers, leading to an estimated 9-10% compression of the overall industry profit pool.
Successful AI adoption requires a focused, strategic approach beyond technology, emphasizing cross-functional teams, upskilling, strong governance, and a clear plan to monetize productivity gains.
Fintech challengers are likely to lead in driving customer adoption by offering clear value propositions, forcing incumbent banks to innovate quickly to avoid losing customers and deposits.
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