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Marketing Relations and Communication Infrastructure Development in the Banking Sector Based on Big Data Mining

Ivanchenko O.V., Mirgorodskaya O.N., Baraulya E.V. and Putilina T.I.

International Journal of Economics & Business Administration (IJEBA), 2019, vol. VII, issue Special 2, 176-184

Abstract: Purpose: The article aims to study the methodological tools for applying the technologies of intellectual analysis of big data in the modern digital space, the further implementation of which can become the basis for the marketing relations concept implementation in the banking sector of the Russian Federation‘ economy. Structure/Methodology/Approach: For the marketing relations development in the banking sector in the digital economy, it seems necessary: firstly, to identify the opportunities and advantages of the big data mining in banking marketing; secondly, to identify the sources and methods of processing big data; thirdly, to study the examples of the big data mining successful use by Russian banks and to formulate the recommendations on the big data technologies implementation in the digital marketing banking strategy. Findings: The authors‘ analysis showed that big data technologies processing of open online and offline sources of information significantly increases the data amount available for intelligent analysis, as a result of which the interaction between the bank and the target client reaches a new level of partnership. Practical Implications: Conclusions and generalizations of the study can be applied in the practice of managing financial institutions. The results of the study can be used by bank management to form a digital marketing strategy for long-term communication. Originality/Value: The main contribution of this study is that the authors have identified the main directions of using big data in relationship marketing to generate additional profit, as well as the possibility of intellectual analysis of the client base, aimed at expanding the market share and retaining customers in the banking sector of the economy.

Keywords: Relationship marketing; digital space; data mining; big data; banking services. (search for similar items in EconPapers)
JEL-codes: M31 M39 (search for similar items in EconPapers)
Date: 2019
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Handle: RePEc:ers:ijebaa:v:vii:y:2019:i:special2:p:176-184