A new McKinsey report released Thursday warns that banks could lose up to $170 billion in profit if they fail to adapt to customers using artificial intelligence agents to optimize their finances.
The consulting firm predicts that autonomous AI bots will help consumers overcome traditional inertia and move money from low-interest accounts to higher-yielding options, potentially cutting industry profits by 9%, reports American Banker.
The threat comes from what McKinsey calls “agentic AI” — autonomous systems that can act independently to help customers make better-informed financial decisions. Currently, consumers hold $23 trillion of the global $70 trillion in deposits in checking accounts that pay near-zero interest rates, with the rest in accounts offering relatively modest returns.
“Imagine you have an AI agent that says: ‘Hey, you could save $2,000 a year by moving your money,’” said Pradeep Patiath, a senior partner at McKinsey. “This automates a significant portion of the inertia that exists in the system today.”
The Industry Faces AI’s Double-Edged Impact
McKinsey estimates that AI adoption could initially save banks 15% to 20% in operating costs, but the firm warns that competition will likely erode these gains over time, with most benefits ultimately going to customers rather than financial institutions.
The report suggests that if just 5–10% of checking accounts shift from zero-interest to maximum market rates due to AI agent recommendations, it could account for 20% of the industry’s global profits. Banks that adopt agentic AI early and optimize operations ahead of competitors may gain “a first-mover advantage before the water level returns to normal.”
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