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Financial Services

We use a proven set of data tools and techniques to tackle challenges faced by our clients.

These generate unique and actionable insights that help organizations make decisions and drive results. We guide our clients through understanding their data—those which they already possess, as well as new sources. This helps transform the data in ways that shape all aspects of strategy and operations.

How we help clients

Retail banking

The revolution in data and analytics is providing tremendous opportunities for banks. We combine predictor, benchmarking, and other analytics models embedded in our existing areas of expertise with insights into strategy, organization and performance leadership, operations and technology, marketing, distribution, and risk management.

Example of our analytics tools for retail banking

  • Panorama. Panorama harnesses a unique blend of banking and financial data sources, including proprietary McKinsey data, and provides actionable answers to a universe of questions. It helps organizations identify opportunities, improve financial planning, and benchmark their performance relative to competitors.

Learn more about our retail-banking services.

Corporate and investment banking

Our innovation and impact work with capital-markets and investment-banking institutions is focused on helping our clients define strategies and priorities for a new and emerging era in banking. The application of new analytics approaches helps clients navigate regulatory and capital uncertainties with the confidence necessary to act.

Example of our analytics tools for corporate and investment banking:

  • Finalta. Our Finalta solution generates insights through a series of benchmarking and best-practice knowledge collected from 200 financial institutions. Comparing an organization’s progress and operations with peers and competitors results in answers that accelerate change and reduce risk.

Learn more about our corporate and investment-banking services.

Insurance

With access to growing amounts of customer and external data, tools to better assess, understand, and underwrite risks are proliferating. With these tools come the promise of better pricing, operational, and other strategies across the insurance industry. Adapting to this new terrain can require large-scale organizational change to manage and make sense of this complexity. Rich analytics capabilities in this domain are crucial to success.

Examples of our analytics tools for insurance:

  • Ingenuity. Ingenuity drives significant performance improvement for carriers, reinsurers, and brokers through a combination of advanced-analytics capabilities, deep industry knowledge, and extensive change-management expertise. This tool offers the technology infrastructure to develop and host operational solutions.
  • Insurance 360. This benchmarking tool provides a comprehensive quantitative overview of a participant’s unit costs relative to peers. (link to Insurance 360
  • Global Insurance Pools. The world’s most comprehensive insurance database offers several unique features:
    • instant online access to the largest insurance data source globally
    • globally coherent, comprehensive, and granular data sets
    • expert-validated forecasts until 2025 for volumes and profits
    • regular publications of key insights and qualitative country insights
    • experts available for analyzing insurance trends
    • support from a professional team to address data-related questions

Learn more about our insurance services.

Payments

The payments industry continues to experience dramatic changes in technology and customer behavior. We work with organizations to help them keep pace and capture the opportunities inherent in this shifting landscape—serving credit-card companies, transaction processors, payments cooperatives, and technology firms. Given the scale and data-driven nature of payments, analytics is particularly valuable in this area.

Learn more about our payments services.

Wealth and asset management

We provide counsel on issues in strategy, organization, earnings improvement, IT and operations, and sales and marketing. Partnering closely with clients, we use analytics to develop new insights into the future state of the industry, particularly around growth and performance.

Examples of our analytics tools for wealth and asset management:

  • Performance Lens. Performance Lens is a proprietary solution to help leaders of wealth- and asset-management firms make better strategic, operational, and organizational decisions. This tool translates data into insights to reveal growth opportunities and business-performance improvements.
  • Growth Cube. The Performance Lens Global Growth Cube is a comprehensive asset-management market-sizing database. It provides granular historical and forward-looking views of asset and revenue pools and net flows by geography, client segment, and product to inform strategic growth and resource-allocation decisions.
  • New capabilities. McKinsey continues to innovate and expand the ways in which we serve clients. We recently acquired PriceMetrix, a data-and-analytics firm focused solely on the wealth- and asset-management space. We continue to pursue acquisitions of and partnerships with best-in-class providers of services and solutions that can improve our clients’ performance.

Learn more about our wealth- and asset-management services.

Featured experts

Kevin Buehler

Senior Partner, New York

Ari Libarikian

Senior Partner, New York

Tamim Saleh

Senior Partner, London

Featured insights

Report

Harnessing the power of digital in life insurance

– Big data and advanced analytics will enable a wide range of new business applications for life insurers, empowering sales forces... and better serving consumers.
Article

Cutting through the noise around financial technology

– We track more than 2,000 start-ups offering traditional and new financial services—though we estimate there may be as many... as 12,000. Here’s how banks should respond.