Big Data Analytics as a Customer Retention and Acquisition Strategy within South African Retail Banking

Abstract

Big Data analytics in banking can lead to superior performance, but the industry is still working to understand its relationship with organisational impact. To stay relevant, banks should invest in big data analytics, offering customer-centric experiences for retention and acquisition strategies, as threats from non-banks threaten the banking space. This study offers a novel approach to investigating how the application of BDA in the form of personalised customer engagements, product offerings, and fraud detection in the South African banking environment can be used as a customer acquisition and retention strategy. A quantitative method of study was used, where digitally active banking customers were requested to complete an online survey. The study's overall conclusion is that, thanks to the considerable impacts of the above-mentioned BDA applications on customer experience, there is a positive correlation between BDA and customer acquisition and retention