BIG DATA IN ROMANIAN BANKING SECTOR: WHAT ARE THE CRITERIA ROMANIAN CONSUMERS CONSIDER WHEN CHOOSING BANKING PRODUCTS?

Over the past decade, Romanian Banking sector has known a substantial growth in terms of the variety of services and products that are meant to attract larger groups of consumers than before. Marketers and analysts developed different offers in order to satisfy consumers’ demand for lower credit interest rates and associated risks, higher savings rate, online services or a longer time to repay a credit. In order to see how Romanian consumers choose their provider of financial products and services, we conducted a research among persons that either contracted credits or deposits, either have a current bank account. The results have showed that the large number of elements taken into account by Romanian consumers when it comes to engaging in a long term relationship with a bank can be classified in groups and analyzed with the help of Big Data Analytics. Based on their analysis appealing offers can be developed to attract and maintain customers and improve customer experience.