Based on our work with major financial institutions around the world and from McKinsey Global Institute research on automation and the future of work, we see six defining characteristics of future banking operations. Our flagship business publication has been defining and informing the senior-management agenda since 1964. 13.09.2017 - McKinsey & Company | The potential benefits of open banking include improved customer experience, new revenue streams, and a sustainable service model for underserved markets. Take McKinsey & Co. Choose out of 50+ leading consultancies. Take McKinsey & Co. Select a service from 40+ different areas of expertise. McKinsey & Company 6 . To promote its WeChat Payment service, which allows peer-to-peer transfer and electronic bill payment, the company launched an app that allows users to send a specific amount of money to a certain number of friends, with the app randomly assigning the money. McKinsey Quarterly. The banking and financial services industry is turning its focus toward innovation to prepare for a future that will be increasingly driven by technology . Related To: Banking and Financial Services Artificial Intelligence Digital Transformations Key Points. But regulatory expectations, disruptive technologies, changing customer expectations, and the rise of new competitors are potential signs that the industry may need to modernize with a greater sense of urgency. Service externalization in transaction banking. More than half of financial-services respondents in a recent McKinsey survey said their companies have begun monetizing data. Detailed information on the use of cookies on this Site, and how you can decline them, is provided in our Cookie Policy Learn more about cookies, Opens in new tab. Theme. Traditional core banking providers have become aware of the need and potential inherent in a cloud-based microservice architecture; banking leaders should keep a close watch on developments here. By using this Site or clicking on OK, you consent to the use of cookies. Transaction banking 1 has for years been a reliable, stable source of revenues (figure 1). An overview of McKinsey & Company news on Consultancy.org in the Banking industry. McKinsey Global Institute Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. OK. McKinsey uses cookies to improve site functionality, provide you with a better browsing experience, and to enable our partners to advertise to you. In the context of COVID-19, banks can better serve customers in distress by enhancing support in the use of digital tools and new products and services. The Current Status and Future of Banking – Global Banking Annual Report 2017 ... McKinsey Panorama – Global Banking Pools . Distinctive, personalized products and services The finance industry needs to seize this opportunity. View news per consulting firm. As part of this ecosystem, in 2017, the bank launched a bookkeeping application for Uber driver–partners, offering lower costs and higher security than rival services.
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