The Case of a South African Bank’s Management of Big Data

Abstract

The banking industry generates vast amounts of data, driven by customer transactions, global payment volumes, and increasing mobile and IoT adoption, yet it struggles with siloed structures that hinder effective utilization. Big Data Analytics, when effectively managed, offers the potential for smarter decisions, more efficient operations, and improved customer satisfaction, which is crucial for the banking sector's role in the economy. The purpose of this qualitative study was to investigate a South African bank's management of Big Data, with a focus on the tools used, the impact of Big Data, and the realised benefits or challenges. Using semi-structured interviews, a sample of 12 participants from Bank X with an interest in Big Data took part. The participants included executives, senior managers, and middle managers. A thematic analysis technique was used to analyse the data collected. The study showed that Bank X is using industry supported tools, as supported by literature. The study further showed that Bank X faces challenges around data quality and technology skills, although technologies are assessed for suitability. While a single organisational “version of truth” is still a work in progress, hampered by legacy systems, progress is being made at business unit level. Nevertheless, Big Data has boosted revenue at Bank X, evidenced by double- digited product uptake from data-driven recommendations and identification of new sales opportunities.