How advanced analytics are redefining banking

"Every single major decision to drive revenue, to control costs, or to mitigate risks can be infused with data and analytics," says Toos Daruvala, a director in McKinsey's New York office.

"[This] will be a differentiator for some period of time." In this video, Daruvala explains how three diverse banks are using analytics to gain an edge in a cutthroat environment—by improving risk assessment and predicting customer behavior.

Read more about how banks are poised to reinvent themselves with data and analytics on McKinsey's site, the latest in our series, "Big data: What's your plan?"

[tanmaysaraykar]

Mr. Daruvala,
Thanks for sharing these valuable insights; always a pleasure to hear experts on analytics. Besides the financial industry, the pharma and healthcare industry also has much to gain from analyzing patient conversations. For instance, sentiment analysis can offer insights into brand perceptions that can be used to modify messaging, early indicators can be used to modify sales forecasts etc. Also read a recent paper from Mckinsey on Big Data with your inputs. Thanks for the insights!