A Purpose of Data Mining in Banking Sector

Provided by: Creative Commons
Topic: Data Management
Format: PDF
Banking systems collect huge amounts of data on day-to-day basis, be it customer information, transaction details, risk profiles, credit card details, credit limit and collateral details, compliance and Anti Money Laundering (AML) related information, trade finance data, SWIFT and telex messages. Thousands of decisions are taken in a bank daily. These decisions include credit decisions, default decisions, relationship start up, investment decisions, AML and Illegal financing related. One needs to depend on various reports and drill down tools provided by the banking systems to arrive at these critical decisions.

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