Data analytics has become extremely important for modern-day businesses, especially banks. Most of the information in banks is stored in computers as Big data. Analysing this data allows the banks to function efficiently and smoothly. There are various data analytics categories in banking, such as descriptive, diagnostic, prescriptive and predictive analytics. Data analytics has various advantages and challenges. So, an organisation may face various challenges like privacy regulations not allowing the organisation to analyse data freely, technical & architectural challenges, etc. For data analytics to be helpful for the company, it needs to be applied effectively; this can be done by asking practical questions to the software while analysing data or by making the data analysis platform easier for less skilled employees. Various tests, such as the T-test and regression model, play a key role in analysing data. Various companies have capitalised on data analysis by developing software and platforms focusing solely on data analysis. These companies use these platforms to other companies as a service they charge for. The biggest data analysis and investment research company is Bloomberg.