Discover the key insights from this year's Money20/20 conference in Las Vegas. Our latest article breaks down the top takeaways, including the rebound in fintech funding, advancements in cross-border payments, the rise of generative AI, and the growing interest in open banking. Read the full article by Marie-Claude Nadeau and Roshan Varadarajan now: https://lnkd.in/eyNGZkAZ #McKinseyInsight #Payments #Innovation #Money2020 #FinancialServices
McKinsey Financial Services
Financial Services
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We cover the full spectrum of global financial services
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Our global experts cover the full spectrum of financial services.
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http://www.mckinsey.com/industries/financial-services/how-we-help-clients
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Updates
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A technique common to the software industry is helping some leading banks speed up their technology by as much as 50 percent. In our latest article, authors Leorizio D'Aversa, Philip Tuddenham, Stephen Bennett, and Vilde Haslund show how focusing on engineering team productivity can accelerate innovation and change for banks without increasing budget. Read about the value possible, the internal levers to drive impact, and how leaders can get started: “How banks can supercharge technology speed and productivity” https://lnkd.in/gWwy9Mdq #McKinseyInsight #Banking #Technology #FinancialServices
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This year’s Global Banking Annual Review looks at ways in which about 14% of banks have beaten the trend and substantially boosted their returns. What can the industry learn from these success stories? Download McKinsey‘s Global Banking Annual Review 2024: ‘Escape Velocity‘: https://lnkd.in/eGcuzNJe #McKinseyInsight #Banking #FinancialServices #Report
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Coming back from a fantastic week at Sibos in Beijing! As always, the event provides an incredible opportunity to connect with clients & colleagues, explore the latest trends in payments and transaction banking, and gain valuable insights into innovation and momentum driving this space. Was a pleasure to co-host McKinsey's GTB roundtable, an exclusive event bringing together top executives from leading players to discuss industry insights and foster valuable networking opportunities. The theme ‘The geometry of global trade – how banks need to prepare for an evolving trade landscape' is very pertinent today, we discussed about changing global trade landscape, digitization initiatives led by industry associations, role of banks and evolution of next gen capabilities such as Gen AI, BNPL in trade finance. Huge thanks to Pamela Mar, Samuel Mathew and Natasha Condon for sharing their views and also facilitating candid conversations on the topic. I'm excited to see how these initiatives and ideas will shape the future of trade finance! Nilesh Kumar Gupta Uzayr Jeenah Albion Murati Marie-Claude Nadeau Matteo Mantoan Maria Albonico Adolfo Tunon Jeongmin Seong 成政珉 Emel Ciftci Eronat Divya Garg #Sibos24 #TransactionBanking #Tradefinance
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Global technology spending in banking has been growing at an average of 9% per year. In 2023 alone, this spending reached $650 billion—equivalent to the GDP of Belgium or Sweden. Although the investment is substantial, it can be tough to pinpoint the net gains. Discover how banks can get the most out of their tech spending and show real value to stakeholders by adjusting their investment strategies and focusing on results. https://mck.co/4fob1FC #NeverJustTech
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It's been an incredible three days at Money20/20 in Vegas! We’re thrilled to be part of this dynamic event, forging new connections and sharing our latest insights from across #Payments. Our key themes included consumer insights, improving valuation multiples and fostering growth for fintechs, the evolution of payments in Latin America, mitigating fraud in the fast money era, and takeaways from our 2024 global payments report. These topics were presented by our experts: Roshan Varadarajan, Felicia T., Marie-Claude Nadeau, Roberto Naccache, Ishanaa Rambachan, Tim Natriello, and Uzayr Jeenah. Missed our sessions? We’d still love to connect! Reach out to us at paymentspractice@mckinsey.com Our team is looking forward to the engaging conversations. #Money2020USA #Fintech #Innovation #Banking #McKinsey
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Digital payments are entering consumers’ paying process earlier and earlier in their buying journeys, according to McKinsey’s 2024 Digital Payments Survey. Get the details by reading “State of consumer digital payments in 2024” https://lnkd.in/efxsNxZA #mckinsey #payments #banking #technology #financialservices
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This year's edition of #Sibos was an unforgettable experience that fully lived up to the expectations. We were thrilled to be part of it and to have the opportunity to connect with many forward-thinking leaders in the payments industry. The vibrant setting of Beijing further enriched the experience, adding a dynamic backdrop to our discussions. For a closer look at our insights, watch the video summary featuring our experts and key takeaways. Sibos 2024 has set the stage for exciting developments. We're leaving Beijing thrilled to contribute to the industry's forward momentum, advance the finance ecosystem and deliver on the promise of technology, and beyond. Thank you to everyone who engaged with us. We look forward to continuing these valuable conversations and driving innovation together. Anke Raufuss, Marie-Claude Nadeau, Matteo Mantoan, Chirayu Gandhi, Jonathan Chan, Maria Albonico, Reema Jain, Albion Murati, Amit Gandhi, Violet Chung, Nilesh Kumar Gupta, Jeongmin Seong 成政珉 Nicole Zhou, Uzayr Jeenah #Sibos2024 #Finance #Technology #Innovation #GlobalPayments #NeverJustTech
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We're thrilled to share that American Banker released an article yesterday based on our latest insight: "Unlocking Value from Technology in Banking: An Investor Lens." Penny Crosman brings in our research alongside contributions from industry experts Mike Mayo of Wells Fargo, Teresa Heitsenrether of JPMorganChase, and one of our report authors Xavier Lhuer, providing a thought-provoking perspective. While the headline suggests reconsidering tech spending, our findings reveal that there’s a significant opportunity to elevate banks’ performance through strategic tech investments. Interested in the full story? Dive into the article: https://lnkd.in/gcg87rRb #mckinsey #banking #technology #financialservices #neverjusttech
'Enough already': Analysts question banks' $650 billion tech spend
americanbanker.com
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The final day of #Sibos concluded on a high note. Our experts engaged in thought-provoking conversations with industry leaders on stage: - Albion Murati, Partner at McKinsey moderated a panel discussion "New settlement opportunities in a multi-currency world" between Dhiraj Rajan Bajaj, Standard Chartered, Karen Birkel, European Central Bank, Rob Carnell, ING, Xiaolei Cui, Agricultural Bank of China, Huabin Wang, Bank of China. - Nicole Zhou, Senior Partner at McKinsey led the session "Delivering next-generation operational excellence in financial services" featuring industry leaders: Artie Ambrose, Citi, Fangfang Chen, BNY, Rakesh Parakkat, Bank of America, Christine Perrin, Societe Generale, Gayathri Vasudev, J.P. Morgan Thank you to all panelists and the audience for the engaging conversations. As our team is leaving Beijing today, we're reflecting on the insights, inspirations, and invaluable connections we made. Stay tuned for our wrap-up soon. Anke Raufuss, Marie-Claude Nadeau, Matteo Mantoan, Chirayu Gandhi, Jonathan Chan, Maria Albonico, Reema Jain, Amit Gandhi, Nilesh Kumar Gupta Jeongmin Seong 成政珉 Uzayr Jeenah, Violet Chung #Sibos2024 #Finance #Technology #Innovation #GlobalPayments #NeverJustTech
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