By 2010, data analytics has already become a cornerstone for many banks in their efforts to gain better insights into their customers, products and segments served. The increased need for analytical tools and reports has been driven to a large extent by the need to manage risks effectively. Analytical tools are also imperative for banks to gain in-depth insights into their sales and marketing efforts,  and provide opportunities to generate additional revenues.
This report showed that while banks are ramping up their analytical capabilities as early as 2010, there is still a need to traverse a huge gap in order to be at the forefront of effective data analytics. Banks are slowly migrating towards a more proactive approach in developing advanced forecasting and predictive techniques. There is also a need to scale up the ability to provide real-time, accurate information at a granular level. Combined with an effective decision-making process, the ability to respond swiftly to shifts in business patterns would be a key competitive advantage for banks moving forward.