Big Data: A Financial Institutions’ Tool for Reaching Out to Clients
Big Data is an analytical tool which uses a large volume of data of various and complex structure; identifying, gathering, storing and transforming them as well as drawing appropriate conclusions for improving business activity requires certain skills. The process of finding non-obvious relations, mining hidden knowledge, creating visualization of results and business implementation by means of new technologies is referred to as data analysis of large data sets. The efficient application of the results from the advanced analyses in business models might help entities, including financial institutions, to adjust the offer to real and individual needs of the customer and thus to gain competitive advantage. The aim of the article is to systematize the terms and review the possibilities and scope of methods related to data analysis of large volume as well as to refer to the challenges in the context of Big Data enforcement.