McKinsey on Payments: Special edition on advanced analytics in banking

How leading institutions are using the power of advanced analytics and machine learning to transform collections and generate real value quickly.

New analytical capabilities have the potential to transform the way banks and other payment providers price products and services.

The same technological tools making fraud more pervasive in banking and payments are enabling firms to meet the challenge.

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.

To prevail in the renewed war for talent, banks will need to deploy new capabilities in data, analytics, and organizational science.

Payments providers that adopt advanced analytics to develop integrated approaches to customer service are seeing significant improvements.

While most companies understand the importance of analytics, fewer than 20 percent have maximized the potential and implemented AA at scale.

To maximize the potential of advanced analytics, banks and payments providers need to design an organizational structure that supports the mission.

A few pioneering financial institutions have applied an analytics-based approach to debiasing their business decisions, with impressive results.

A view of new analytics techniques, focused on specific potential applications in business and the public sector.

Advanced analytics by the numbers, and a visual scan of business uses.