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How advanced analytics are redefining banking
Innovators are using big data and analytics to sharpen risk assessment and drive revenue.

In the 1980s and 1990s, IT systems transformed virtually every single bank process. Today, banks have that rare opportunity to reinvent themselves again—with data and analytics. “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. What follows is an edited transcript of his remarks.