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Our short takes on everything from digitization to design

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Burning questions from InsureTech Connect 2018: 48 hours at the world’s largest insurtech gathering

– Seven major questions answered on how investors’ favor can translate into more innovation.

IT needs to embrace complexity to take control of its own destiny

– Successful digital transformations can’t be outsourced.

How a VC picks winners

– This interview explores how attracting venture capital in Europe is a different game than in America, where risk and big bets are part of the VC culture.

What’s the value of a better model? More than you may think

– Even a small increase in predictive ability can create millions in economic value. But institutions must also understand which problems are the right ones to solve with better models.

Looking behind the curtain: What really drives value from data

– How does a business make data really work to meet its unique needs? At McKinsey’s European Data Summit in London in June, executives and experts across sectors discussed successful strategies.

Digital resilience: Seven practices in cybersecurity

– Cybersecurity requires a joint effort across multiple stakeholder groups. Here’s how it’s done.

Busting a digital myth: The naturally gifted product owner

– World-class product owners are made, not born. It takes time, investment, and a bit of sweat to become great.

The best of ‘frenemies’: Why corporates should embrace, not fear, start-ups—and vice versa

– Savvy companies know how to develop a start-up’s mind-set and methodology by acting on four key beliefs.

How ‘digital’ will change commercial banking

– Commercial banks are experimenting with digital in many areas but have yet to reach their full potential Here’s how industry leaders are succeeding.

The five trends driving insurtech, live from DIA 2018

– At the Digital Insurance Agenda, insurtechs and leading players in the insurance world demonstrated ways they can partner to better serve their customers.

AI business applications and ethical issues in focus at O’Reilly AI conference

– The future of AI includes ethical challenges and amazing possibilities. A recent conference showcased both.

How to avoid the trap of ‘doing agile’ without ‘being agile’ in an IT organization

– Agile is more than a technique to increase speed-to-market. Done well, it’s a complete reboot of IT mind-set and behaviors.

On interactive duty: What SXSW 2018 will be remembered for

– This year's SXSW zeroed in on six principles that will shape successful digital transformations going forward.

The big conversations on AI and design at SXSW 2018

– Artificial intelligence remains a hot topic at South by Southwest. This year, a few themes dominated our discussions: providing inclusive ways to solve complex problems, expanding the skill set of empathy and design with data, and understanding the nuances of AI's impact.

Employee experience: essential to compete

– The future of AI includes ethical challenges and amazing possibilities. A recent conference showcased both.

How insurers can get the most out of a digital transformation in 2018

– For insurers leading the sector in the race to digitize, 2018 is the year to upgrade investment and ecosystem strategies, maximize data-based value, and acquire the IT talent to better serve business goals.

To improve B2B customer experience, get the digital-analog balance right

– In the B2B market, customer-centricity sometimes means combining elements of digital and analog experience. Here’s how successful companies are meeting the challenge.

Digital trends and observations from Davos 2018

– A wave of innovations points towards new business models and ways of doing business, though anxieties around talent and the “techlash” run below the surface.

The effect of short-termism on digital aspirations

– Neglecting to focus on the long term is a major contributing factor to many companies' lack of digital success.

Risk management goes digital

– The substantial benefits of digital risk management go to banks that proceed with caution. Here’s how it's done.

Agile transformation: No formula, but common success factors

– Every company’s journey to agile is different. But successful transformations are all based on these key principles.

Opening up your APIs and keeping the cybercrooks out

– Open application interfaces (APIs) make the consumer experience smoother—but they also increase the risk to customer and business data. From the IRS to major manufacturers, smart organizations are upgrading their security strategies to protect themselves and their customers from hackers and other digital criminals. Here’s how they start.

What every CEO needs to know to succeed with AI

– McKinsey partners recently shared ten key insights for CEOs who want to effectively embed artificial intelligence in their organizations.

Shiny new things: Six ways to get the most from the latest enterprise software

– To stay competitive and relevant, enterprises need to be able to innovate quickly by designing new products and services and digitizing processes. This requires an agile and responsive IT function.

What’s new? Plenty

– We just posted a quick overview of some of the new things we are working on and changes we’ve made at Digital McKinsey in the past year.

What the new world of insurance could look like

– From a customer’s standpoint, few industries are as ripe for disruption as insurance.

Will digital erase the middle class?

– “Middle class” is hard to define. Economists and sociologists debate whether income, professional status or education define it.

How nondigital channels need to evolve and keep up with digital banking

– The increasing use of digital channels in banking raises questions about the future role of the bank’s nondigital channels.

Winning in digital

– Senior Partner Jacques Bughin recently posted some thoughts on our Strategy & Corporate Finance blog on how executives can develop successful digital strategies. We’ve pulled them into one collection.

Female executive, promote thyself: Succeeding in a male-dominated business world

– Many companies today are focused on gender diversity. But the reality is that women are still vastly underrepresented in the workplace and at every level.

Our children must learn to code but the future lies in being human

– As companies digitize their businesses, the data they generate piles up faster than they figure out what to do with it.

Burned by the bots: Why robotic automation is stumbling

– Over the last several months, my colleague Alex Edlich and I have witnessed the increasing chatter around one of the hottest buzzwords in the digital space: robotics.

Carpe data before it’s too late

– As companies digitize their businesses, the data they generate piles up faster than they figure out what to do with it.

Are we ready for more on-demand freelance work?

– Work structures our society and, for many of us, our very lives. It’s hardly surprising, then, that changes in the nature of work cause controversy.

How smart insurers convert digital customers at six times the rate of their peers

– It’s not just about the demographics. Insurers often point to the age and income of their customer base to explain their struggles with digital marketing, especially their generally low rate of success in converting online visits into actual policy sales.

At the core of your cybersecurity strategy: Knowing your capabilities

– Organizations can measure cybersecurity performance only in the context of a cybersecurity strategy that tightly connects with an organization’s overall business strategy.

The pitfalls in measuring cybersecurity performance

– Cybersecurity performance can be managed, but only if measured.

Six things B2B leaders do to become more agile and drive growth

– B2B companies have heard the digitization message loud and clear, but few have moved the needle on increased sales, updating the organization, or customer experience. That’s making them vulnerable.

Good to great: What B2B companies do to raise their Digital Quotient

– Many B2B companies have a general sense of what they need to do to become more digital. But B2B leaders move beyond “accepted wisdom” to focus on the differentiators of success.

Leading B2B companies are using digital to power sales growth

– Over the past three years, McKinsey & Company has measured the Digital Quotient® of approximately 200 B2C and B2B companies around the world.

DevOps: The key to IT infrastructure agility

– These days, digital grabs a lot of headlines that trumpet how it’s radically changing customer behaviors.

Four paths to your digital transformation

– You won’t find too many arguments in C-suites about the need to transform operating models to be more digital and competitive.

3 things to watch, coming out of SXSW Interactive

– South by Southwest (SXSW) is a contradiction in many ways—it’s been around for 30 years, yet remains forward-looking and innovative; it’s set in Texas, yet attracts talent from all over the world; and it describes itself as “interactive” and tech-specific but spans topics as broad as government and health.

What your business needs to put in place if it wants to be agile, fast, and digital

– Executives are ready to roll up their sleeves and start doing the heavy lifting required to pull off a digital transformation.

How digital is changing leadership roles and responsibilities

– Digital or technology leadership has drastically changed over the past few years.

Five cultural changes you need for DevOps to work

– Rapid innovation, time to market, customer-centricity, acting like a start-up—sound familiar?

8 observations from Davos: The practical side of digital

– It may not be much longer before we’re referring to the annual World Economic Forum as “Digital Davos.”

How machine-learning models can help banks capture more value

– Machine learning (ML) methods have been around for ages, but the big-data revolution and the plummeting cost of computing power are now making them truly excellent and practical analytical tools in banking across a variety of use cases, including credit risk.

Are you the brilliant data scientist no one listens to?

– Data science is a relationship game. Sure, it’s about numbers and models and analytics, but as data scientists in even the most advanced, digitally-savvy organizations can testify, an inch-thick model library and a shelf full of advanced degrees only gets one so far.

Digital marketing really matters for US banks even as branches show significant staying power

– Transforming the customer experience is a top priority for many if not most corporate leaders. But when it comes to improving the customer experience within and across touchpoints, many find themselves at a loss.

Two strategies to better appeal to customers and grow revenues in digital banking

– My colleagues Somesh Khanna, John Rountree, Vik Kakkar and I reviewed data around the direction of digital customer acquisition in the North American banking landscape. Here's some perspectives.

Design, meet data: Unlocking design ROI

– How companies can quickly achieve significant business impact by applying a combination of advanced analytics and experience design to customer journeys.

Finding growth in your website: The changes that can improve both your performance and your bottom line

– Customers have no patience for slow, error-ridden websites whether they’re using a mobile phone or a laptop. If the experience is poor, they’ll leave your website without a backward glance.

Six digital trends that are changing banking

– Like many digital businesses, the financial services industry is discovering the value of great design in winning and retaining customers.

Key trends in digital wealth management and what to do about them

– While clients are slow to take advantage of digital advice offerings, those who do are happier and the tide continues to rise.

How wealth managers can transform for the digital age

– Wealth-management incumbents can meet digital disruption head on by understanding core changes in their industry—and focusing on what really matters in a digital transformation.