The potential for big data application in the marketing of banking institutions

The application of big data technology in various industries and sectors has been a significant area of research interest lately. The aim of this paper is to contribute to the field by summarizing existing knowledge on the topic of big data and explore its application in the domain of marketing with special emphasis on banking institutions. The reason for this is the fact that banks, with their turbulent environment characterised by high competition, strict regulatory requirements and consumer centricity, are especially eligible for absorbing benefits of big data technology adoption. The paper is structured in a way that general big data characteristics are presented after the introductory notes. Following is the section related to big data application in marketing. In the fourth section authors discuss banking environment and potential for big data application in the marketing of banks