Business analytics can hold the key to better performance, informed decisions, actionable insights and trusted information. By bringing together all relevant information in an organization, banks can answer fundamental questions, such as what is happening? why is it happening? what is likely to happen in the future? and how should we plan for that future? Data and analytics provide very big opportunities for banks.
At some level, actually, one can think of it as a way to transform the institution, much the same way in the 1980s and 1990s and early 2000s when IT systems transformed the banks in their business processes. BIS central bankers’ speeches  7  Internet of Things (IoT) 23. We are already in the era of ever increasing Internet of Things (IoT).