At last, customers first: AI-powered personalization can help banks create value
By McKinsey & Company ·
McKinsey finds European customers now hold accounts at 2.6 banks on average, up from two in 2021, and 48 percent hold only one product with their bank. Banks using AI-driven, personalised customer value management have raised engagement by 20 to 30 percent and customer value by 10 to 25 percent. One European bank lifted mobile account-opening conversion from below 2 percent to close to 10 percent.
Key figures
| Figure | Value | Source |
|---|---|---|
| Average banking relationships per customer, six European countries | 2.6 banks in 2025, compared with two banks in 2021 | p. 1 |
| Customers holding one product / two or fewer, 112 million relationships | 48 percent / 81 percent | p. 2 |
| Impact of AI-driven customer value management | engagement +20 to 30 percent, customer value +10 to 25 percent, customer experience +15 to 25 percent | p. 3 |
| Click-through improvement from behaviour-based triggers | two to three times | p. 3 |
| Mobile current account opening conversion, one European bank | from below 2 percent to close to 10 percent | p. 7 |
- Europe