Among those deploying automation rapidly are the traditional and regulated industries such as banking and insurance, Rodney Zemmel, senior partner and head of the McKinsey’s digital business said
McKinsey & Co. is seeing an increase in the number of clients seeking artificial intelligence-linked projects, as faster adoption of the technology helps the consulting titan and its peers boost revenue following a period of tumult.
About 40% of the New York-based firm’s client projects involve the technology, with the number of AI-related customers in the past 12 months approaching 500, Rodney Zemmel, senior partner and head of the firm’s digital business, said in an interview. He didn’t elaborate on the potential revenue from these streams.
“We believe the long- or the medium-term economic implications are very real,” Zemmel said. He was a final candidate in the recent global managing partner leadership elections at the firm, according to people familiar with the matter, who asked not to be identified discussing confidential information.
Though there’s some degree of hype around AI, “we’re seeing the organizations that are doing that are getting value from it,” Zemmel said, adding that “it’ll be a little longer, and maybe, a little harder than people think, but we’ve got no doubt that the value is there.”
Among those deploying automation rapidly are the traditional and regulated industries such as banking and insurance, Zemmel said.
In a June report, Citigroup Inc. said AI is poised to upend consumer finance and make workers more productive, with a high potential for 54% of jobs across banking to be automated. Citi also said that the technology could add $170 billion to the industry’s coffers by 2028.
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon has called AI “critical” to his company’s future success, and has also said that the technology can be used to help the firm develop new products, drive customer engagement, improve productivity and enhance risk management.