Monetising big data in South African financial services

Abstract

Big data has grown to be an influential element in society impacting both individuals, governments and businesses. As its impact has accelerated on the corporate world, it was prudent to comprehend the effect that big data will have on these organisations. The purpose of the study was deliberate in its attempt to establish an understanding of the factors which influence an organisations ambition to monetise its big data assets. The study focused specifically on South African based entities operating within the financial services industry. With an increasingly digital financial market, big data contributes to improving revenue, increasing market share along with improving customer experience resulting in creating additional business value. The qualitative research process used semistructured interviews, established a set of principle findings, detailing seven key factors which can influence an organisations data monetisation plan. These findings were categorised into factors that are internal to the organisation suggesting that with appropriate tactics executive leadership can control or influence these factors. Some factors are external to the organisation to which senior management has limited control but can respond to these factors through a coordinated strategic approach. The research provides a suggestion to senior executives with an overview of these factors and recommendations localised to the South African financial markets on how to respond to each of the factors.