The article discusses how Wall Street banks can achieve a return on investment (ROI) from their artificial intelligence (AI) initiatives by 2024, based on a report by McKinsey & Company. The key points are: 1) Banks should focus on high-impact use cases that can generate significant value, such as fraud detection, customer service, and risk management. 2) They need to build a strong data foundation and ensure data quality to fuel AI models. 3) Developing AI capabilities in-house and partnering with tech firms can help banks stay ahead. 4) Banks should prioritize use cases that can generate revenue or reduce costs within 12-18 months. 5) Successful AI adoption requires a clear strategy, strong leadership, and a culture that embraces innovation. The article concludes that by following these recommendations, Wall Street banks can achieve a substantial ROI on their AI investments by 2024.
Source: https://www.businessinsider.com/how-wall-street-banks-can-find-roi-ai-investments-mckinsey-2024-12