The topic of this discussion is the importance of data mining, and its usage within today’s business. Data Mining is described as a process of how data is stored in order to improve analysis and reporting. (MDPI, Basel, Switzerland; 2018) It also involves the examination of large database in order to create new information. Today we will review the importance of data mining as it pertains to t the world of banking. In the world of banking billions of dollars of revenue are stored within these systems and they require the best data analytics to avoid being compromised.
The progression of banking data banking over the years has vastly improved in order to protect banks, investors, and customers. By using an advanced analytic tool such as Data Mining; in order to prevent confidential information from being infiltrated. Through this process banks are able to feel more at ease in obtaining customer satisfaction, and using secured strategic management tools. By using a more sound and sure way to develop future research; banks will advance in their knowledge of more complex systems in relations to Data Mining. Since existing reviews only cover the applications until 2013, this paper aims to fill this research gap and presents the significant progressions and most recent DM implementations in banking post 2013.( Joseph, M. V, 2013). In closing the usage of Data mining in the banking world is both critical and necessary in protecting the interest of the bank, customers, and investors for both present and future purposes.
References:
c 2018 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open accessarticle distributed under the terms and conditions of the Creative Commons Attribution(CC BY) license.
Joseph, M. V. (2013). Significance of Data Warehousing and Data Mining (Links to an external site.)Links to an external site. International Journal of Soft Computing and Engineering (IJSCE), 3(1). ISSN: 2231-2307. Retrieved from http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.648.4420&rep=rep1&type=pdf
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