“Artificial intelligence is expected to drive up to 20% in net cost reductions for banks as the technology is implemented across the industry, according to McKinsey & Co.’s Global Banking Annual Review 2025 published last week. But AI-driven cost savings aren’t expected to last, as competition will erode gains for banks and savings will pass to customers rather than the…
Tag: cost savings
40% to 45% Savings from AI-enabled translation services
“Christian Arno, founder and president of Edinburgh-based Lingo24, said that the use of AI was also reducing the time it takes to get products to market by 75%.” “Arno points to the time and costs savings made for clients when it comes to creating product catalogues. A typical catalogue might contain 50,000 products, with around…