McKinsey recently surveyed senior credit risk executives from, among others, nine of the top ten US banks, and they asked them about their organisations’ adoption of GenAI, its current use cases, their future plans for it, and the challenges they expected. Twenty percent of the respondents had already implemented at least one GenAI use case in their organizations, and a further 60 percent expect to do so within a year.

With how quickly AI is embedding itself in our daily lives, we have to assume that's already increased significantly, so I sat down with Arv Govindarajan, one of the authors of that article and a partner at McKinsey & Company, to talk about how lenders are embracing generative AI in credit risk.

McKinsey & Co is online at https://www.mckinsey.com/ (also here, to jump straight to the Risk Dynamics team https://www.mckinsey.com/capabilities/risk-and-resilience/how-we-help-clients/risk-dynamics)

Click here to read the article we're talking about https://www.mckinsey.com/capabilities/risk-and-resilience/our-insights/embracing-generative-ai-in-credit-risk

McKinsey are, of course, also on LinkedIn at https://www.linkedin.com/company/mckinsey/

Arv, in turn, is on LinkedIn at https://www.linkedin.com/in/arvindgovindarajan/

I am on LinkedIn, too, at https://www.linkedin.com/in/brendanlegrange/ as is the show https://www.linkedin.com/company/how-to-lend-money-to-strangers

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Keep well, Brendan

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Embracing GenAI in credit risk

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