Insights on Financial Services

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Closing the gap: Leadership perspectives on promoting women in financial services
– Men still make up most of the management ranks at banks and insurers. New survey data and interviews with female executives point the way to improving gender diversity.
Article

Smarter analytics for banks
– Banks have a strong foundation in using data. New research reveals how they can get even more from their analytics investments.
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The lending revolution: How digital credit is changing banks from the inside
– Faster credit decisions, vastly improved customer experience, 40 percent lower costs, and a more secure risk profile. Here’s... how to get there.
Executive Briefing - McKinsey Global Institute

A decade after the global financial crisis: What has (and hasn’t) changed?
– The world economy has recently returned to robust growth. But some familiar risks are creeping back, and new ones have emerged.
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Attacking the cost of cash
– Targeting cash costs will be crucial for financial institutions looking to stay competitive. What can they do to promote cash... efficiency and cut the costs of their cash operations?
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Open banking’s next wave: Perspectives from three fintech CEOs
– The CEOs of Ping Identity, Plaid, and Tink share their views on the prospects for open banking and the pressing need for players... to develop a data and customer strategy.
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Wholesale insurance distribution: Eight levers to unlock productivity
– Insurance carriers will continue to struggle with profitable growth unless they reshape their distribution model by changing how... they work with, and what they expect of, wholesalers.
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A bank branch for the digital age
– Far from rendering the bank branch obsolete, digital technology holds the key to the branch of the future.
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How traditional insurance carriers can disrupt through personalized marketing
– Last year, our colleagues in the Marketing and Sales Practice published a piece on personalized marketing. We have adapted the... framework they presented to the insurance industry.

Featured publications

McKinsey on Payments: Special Edition on Advanced Analytics in Banking
issue

McKinsey on payments: Special edition on advanced analytics in banking

August 2018–This issue of our long-running journal focuses on the crucial role of analytics in banking and payments.
Download the issue
Collection

Digital disruption in insurance: Cutting through the noise
Regulation, product complexity, and insurers’ large balance sheets have kept digital attackers from insurers’ gates. That is changing, but in ways incumbents should embrace. They can flourish in the digital age—if they move swiftly and decisively.

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MORE INSIGHTS

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How machine learning can improve pricing performance
– New analytical capabilities have the potential to transform the way banks and other payment providers price products and services.
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Building an effective analytics organization
– To maximize the potential of advanced analytics, banks and payments providers need to design an organizational structure that... supports the mission.
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Combating payments fraud and enhancing customer experience
– The same technological tools making fraud more pervasive in banking and payments are enabling firms to meet the challenge.
Article

Data sheet: Advanced analytics
– Advanced analytics by the numbers, and a visual scan of business uses.
Article

Designing a data transformation that delivers value right from the start
– While most companies understand the importance of analytics, fewer than 20 percent have maximized the potential and implemented... AA at scale.
Article

Hidden figures: The quiet discipline of managing people using data
– To prevail in the renewed war for talent, banks will need to deploy new capabilities in data, analytics, and organizational science.
Article

‘All in the mind’: Harnessing psychology and analytics to counter bias and reduce risk
– A few pioneering financial institutions have applied an analytics-based approach to debiasing their business decisions, with impressive... results.
Article

Mapping AI techniques to problem types
– A view of new analytics techniques, focused on specific potential applications in business and the public sector.
Article

Using analytics to increase satisfaction, efficiency, and revenue in customer service
– Payments providers that adopt advanced analytics to develop integrated approaches to customer service are seeing significant improvements.
Article

Using data to unlock the potential of an SME and mid-corporate franchise
– By mining huge reserves of customer data, banking analytics leaders are meeting the needs of hundreds of thousands of commercial... customers, with new levels of convenience and cost efficiency.
Podcast - McKinsey Global Institute

How secure is the global financial system a decade after the crisis?
– Great strides have been made since 2008 to prevent a recurrence of the financial crisis and recession that followed. Yet there... is more debt than ever in the global financial system.
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