A new McKinsey report warns that banks could lose up to $170 billion in profits as AI tools begin helping people make smarter financial decisions.
The technology — known as agentic AI — can act independently to identify better options for customers, such as moving money from low-interest accounts to higher-yield ones. McKinsey notes that consumers currently hold $23 trillion of the world’s $70 trillion in near-zero-interest accounts. Even small shifts could mean a 9% decline in bank profits.
As McKinsey’s Pradip Patiath explains, “Imagine an AI agent saying, ‘Hey, you could save $2,000 a year by moving your money.’”
For consumers, this shows how much banks have benefited from inertia — and how technology may finally start to close that gap.
For years, the banking system has depended on people not always knowing their options — or giving up when things go wrong. Whether it’s a scam, a fee error or an unauthorised transaction, too often customers are left feeling powerless.
AI might help some people act faster or spot issues earlier — but when the system still fails to respond, that’s where EquiClaim steps in.
We help Australians who’ve been scammed, overcharged or ignored by their bank. No jargon. No judgement. No win, no fee.
If your bank has failed to protect or refund you after a scam, fee error or unauthorised transaction, you still have options.