Need of Data Mining in Banking Sector-An Assessment

The banking sector around the globe is going through a paradigm shift where automation and speed are the buzzwords. The size of data bases in banks is increasing at such an alarming rate that banks are not able to manage the data bases and hence are unable to use the data for proper decision making. They are becoming data rich and information poor . The banks have started realizing that their biggest asset is the data and are using the latest techniques of data mining for customer segmentation profilingfraud detection customer relationship management and for predicting the future trends. This book highlights the need of data mining in banking sector and how these techniques can be used by banks to improve their performance in today’s globalized economy.