Use of Big Data technology in banking and insurance marketing

Abstract

The article is devoted to the study of the impact of Big Data technology on marketing strategies in the banking and insurance sectors. It examines the role of collecting, analyzing and interpreting large volumes of data in shaping effective marketing strategies, personalizing services and increasing customer satisfaction. The article estimates the challenges and opportunities arising from the implementation of Big Data in banking and insurance. A theoretical study of banking and insurance marketing content has been conducted, aiming to identify their specifics and improvement opportunities through the integration of traditional marketing methods and Big Data technology. Additionally, we have identified and characterized cumulative effect: the combination of data processing capabilities and the use of both structured and unstructured data lead to a fresh perspective on potential clients and can foster the development of innovative banking and insurance services. The potential use of Big Data technology in shaping marketing programs for banks and insurers has been assessed. The potential applications of the technology are considered through several examples. Special emphasis is placed on the creation of a cumulative effect resulting from the integration of Big Data technology into the marketing activities of banks and insurers, which occurs when the capabilities of the technology are combined with traditional marketing methods. The article also focuses on the factors that restrict the use of the mentioned technology: the complexity of processes, a shortage of professionals in the field of Data Science, technical challenges in developing high-quality algorithms, and concerns regarding the use of confidential information and personal data. An assessment of the problem of the influence of all digital technologies on the labor market was conducted using the example of the insurance business. The problem has a transformational and, to some extent, temporary nature. The possibility of utilizing Big Data technology for calculating damages caused by military actions and forming a financial foundation for post-war reconstruction is presented.