Retail banks worldwide could see an unprecedented boost to profits thanks to artificial intelligence. A recent Boston Consulting Group (BCG) report estimates that by 2030, AI could generate up to $300 billion in additional earnings for banks globally. This potential is not a distant possibility, it is an urgent call for banks to rethink their strategies and embrace AI as a core part of their business.

The financial landscape is shifting rapidly. Institutions that adopt AI in a comprehensive, strategic way are expected to capture the most value, while those relying on piecemeal adoption risk falling behind.

The Areas Where AI Makes the Difference

BCG identifies three main domains where AI can drive substantial gains:

• Personalized Customer Experiences: Banks can use AI to understand customer behaviors and preferences deeply, enabling real-time, tailored financial guidance and offers. Customers will increasingly interact with financial services that feel intuitive and responsive to their needs.
  
  
• Operational Efficiency: AI can automate routine processes such as transaction handling, loan processing, and compliance reporting. This allows banks to operate more efficiently, reduce costs, and redeploy staff to higher-value activities.
  
  
• Enhanced Risk Management: AI systems can monitor transactions, detect unusual patterns, and predict potential risks more accurately than traditional methods. This capability strengthens security, improves compliance, and mitigates financial losses.
  
  

By focusing on these areas, banks can achieve both revenue growth and cost reduction simultaneously.

The Rise of Autonomous AI Agents

A notable insight from the report is the growing importance of “agentic AI,”  autonomous AI tools that can make decisions and execute tasks independently. In just one year, these AI agents have grown from a negligible role to representing 17% of AI-derived value across industries. Projections suggest that this figure could rise to 29% by 2028, highlighting their increasing impact.

For banks, AI agents promise more than efficiency; they offer the ability to transform customer engagement, manage workflows, and handle compliance with minimal human intervention.

The Future Bank

The report envisions a banking experience fundamentally reshaped by AI:

• Products and services will be dynamic, adapting to customers’ behavior and financial situations.
  
  
• Interfaces will integrate seamlessly into digital ecosystems like e-commerce apps or social media, making banking almost invisible in daily life.
  
  
• Back-office functions, including compliance and risk management, will operate largely autonomously at near-zero additional cost.
  
  

This shift will require banks to move beyond simple automation. Success depends on strong investment, solid data governance, and a willingness to redesign operational models.

The Path Forward

According to BCG, many banks are currently stuck in a “deployment” mindset, automating individual tasks without rethinking how the business functions. Bharat Poddar, BCG managing director and coauthor of the report, emphasizes that banks must scale their AI capabilities and innovate continuously. Without this, they risk falling behind AI-first competitors.

The takeaway is clear: AI offers a chance to redefine retail banking, driving significant profit growth and operational transformation. Banks that act decisively will not just survive, they will set the pace for the industry over the next decade.