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Banks invest billions in AI yet McKinsey says legacy systems blunt real gains
Business
Published on 1 May 2026
The AI is there, but outdated systems block impact
Banks are pouring money into artificial intelligence, but McKinsey finds the expected payoff is not showing up. The report says legacy technology stacks and existing operating processes are slowing or limiting AI experimentation. Instead of redesigning workflows from scratch, many institutions simply attach AI to current systems, which caps efficiency, speed, and innovation gains.
- McKinsey reports banks are not seeing expected AI benefits
- Legacy systems are restricting AI innovation and rollout
- Most AI efforts add tools to old workflows, not redesigning them
- Reinventing operations may be required for real ROI
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times