GenAI in credit risk: climate risk questionnaires and credit memos
Banks surveyed by McKinsey (unnamed)
GenAI tools that pull information from client reports to pre-fill climate risk questionnaires and draft credit memo sections for review by credit officers.
- Industry
- Financial services
- Function
- Summarization / extraction
- Dated
- 1 July 2024
- Source type
- consultant article
Measured effect, as reported
“the banks using them have reduced the time required to answer climate risk questions by approximately 90 percent, from more than two hours to less than 15 minutes.”
Wording checked against the source page (web reader (page blocks automated download)).
Evidence strength. Consultant article about unnamed banks. The banks cannot be identified or checked.
This use case is not part of the AI Dividend Index and does not change it.
Source
McKinsey: Embracing generative AI in credit risk (opens in a new tab)
https://www.mckinsey.com/capabilities/risk-and-resilience/our-insights/embracing-generative-ai-in-credit-risk