Agentic AI to reshape Asian banking, report says

Agentic and multiagent AI boost banking efficiency and cut costs.

Agentic Artificial Intelligence (AI) and multiagent systems are set to transform banking operations in Asia over the next decade, as they can execute complex, multi-step tasks and integrate seamlessly across processes, people, and technology, according to a McKinsey & Co. report.

This advancement in banking technology offers banks the ability to optimise workflow, enhance customer service, improve productivity, and reduce costs.

The report highlights that end-to-end operations account for an estimated 60% to 70% of a bank’s cost base; transforming these operational processes could unlock unprecedented value in the financial services sector.

Recognising the potential of AI adoption, financial services companies spent $35b globally on AI in 2023, with investments projected to reach nearly $100b by 2027.

The report also identifies ten key domains within banking operations where agentic AI can create value and notes that these systems are trainable, scalable, and reusable across functions, enabling broader adoption and efficiency gains when applied holistically.

Asian regulators are aware of the potential risks of such adoption, prompting national regulators to encourage banks to innovate responsibly with the technology.

Current multiagent systems, acting as virtual coworkers, can significantly boost the productivity and efficiency of operational teams and enable previously unimaginable business process transformations.