New Delhi [India], May 27 : Customers are adopting generative artificial intelligence (gen AI) much faster than previous technologies, leaving banks with little time to adjust and forcing them to act quickly, according to a report by McKinsey & Company.
The report said the pace of adoption of agentic AI is significantly faster compared to earlier technologies such as the internet, mobile technology and big data. While traditional technologies typically took around 5-10 years to move from simple to complex use cases, agentic AI is expected to make that transition within just 2-3 years.
According to McKinsey, advances in gen AI and agentic AI are allowing consumers to use the technology for increasingly sophisticated financial activities that were previously difficult or impossible with older technologies.
It stated, "In banking, customers are already using gen AI and agentic AI for a myriad of tasks. Claude is outperforming professional stock pickers".
Customers are already using AI for several banking-related tasks, including finding higher-yield savings accounts, refinancing or consolidating debt into lower-cost options, paying down credit card balances more efficiently, comparing financial products and receiving instant low-cost financial advice.
The report also noted that AI systems are increasingly competing with traditional financial expertise, citing that Claude is outperforming professional stock pickers in some areas.
According to the report, this rapid shift means banks may not get the usual "grace period" they had during earlier technology transitions, as customers are already integrating AI tools into their daily financial decisions.
The report highlighted that ChatGPT, which launched in November 2022, saw adoption rise rapidly among working-age adults in the US. Around 45 per cent of working-age adults were using gen AI by 2024, and the figure increased to 55 per cent in 2025.
McKinsey also pointed out that AI adoption is happening across age groups, unlike earlier technologies where younger consumers adopted new tools much faster than older users. Usage of gen AI stood at 63 per cent among Millennials, 61 per cent among Gen Z users and 53 per cent among Gen X users, indicating only a narrow gap between generations.
The report said another reason banks need to respond quickly is the growing level of trust consumers are placing in AI systems. Around 77 per cent of respondents said they trusted gen AI for simple research, while 69 per cent trusted it even for complex advice.
McKinsey said the combination of rapid adoption, rising trust levels and increasing use of AI for complex financial decisions is creating urgency for banks to adapt their products, services and customer engagement models quickly.