The use of big data in marketing : an emerging market financial services industry perspective

Abstract: As a result of the competitive nature of financial services, this industry is positioned to leverage big data to gain a competitive advantage. The financial services industry, in South Africa and in emerging markets, has been known not to leverage big data optimally. Creating personalized customer relationships through big data has been found to be a source of competitive advantage. This study aims to identify the extent to which big data is used in a financial institution. This will be done from a marketing perspective, using a model developed by Byrom, Bennison, Hernandez and Hooper (2001, p.336). Qualitative research was conducted, including in-depth personal interviews with marketers in the financial services industry. The Morse and Field approach was used for data analysis. Findings indicated that although big data was being utilized, it was not optimally exploited. The study identified gaps in the usage of big data for marketing decision making