Opportunities for implementing Big Data Analytics in a financial services group

Abstract

EXECUTIVE SUMMARY Even though most organisations are aware of the benefits and advantages offered by Big Data Analytics (BDA), many of them are still far behind when it comes to adopting and implementing the technology. The emergence of big data has received a considerable amount of attention from both academics and businesses, with the literature on the concept correspondingly rising too. This study focused on the factors that contributed to the XYZ financial services group taking longer to adopt 0and implement BDA despite its apparent advantages over the traditional approach. To investigate the reasons for the delay, the study undertook an interpretive qualitative research approach to understand the fundamentals relating to the delay. The research approach was interpretive social science (ISS), which examines the social reality of why there are delays in adopting BDA. A guideline made of standardised comparable and similar open-ended interview questions was constructed to solicit data from interviewees drawn from different levels of the organisational hierarchy. The data was collected through interviews and analysed using a thematic analysis technique and presented according to themes extracted from categories. The empirical study has shown that organisational dynamics, which constitute internal and external factors, play a huge role in determining the readiness of the organisation to adopt and implement the technology. Different strategies and approaches were derived from the findings, to assist in advancing the BDA project in the organisation under study. For academics, the study will advance the literature available on big data and BDA from a South African context and Africa as a whole.