Finance And Banking Industry Uses

1360 Words6 Pages
DM solutions can be applied to different kinds of organisations, in diverse fields such as biotechnology, finance, sports, manufacturing, retail and education. These solutions are mostly integrated with decision support systems. The following are a few examples of DM solutions [84]:  Finance - The finance and banking industry uses DM solutions to determine customer loyalty and the credit risk of customers. DMsolutions help the industry with money laundering investigations and enable customised plans to be prepared suitable for customers’ requirements. Insurance companies also use DM solutions to make customised plans suitable for customers’ requirements and to detect any fraudulent claims by customers. Financial data collected by banks and financial institutes is usually high quality data. DM solutions for Financial Data: 1. Loan payment prediction and customer credit policy analysis 2. Classification and clustering of customers for targeted marketing 3. Detection of money laundering and other financial crimes  Retail - Businesses use retail analytics to understand customer behaviour data and use this knowledge for direct marketing and, advertising purposes, or to create marketing strategies to up sell or cross sell brands. Supermarkets use customer preferences to stock items in the store. 2.5. APPLICATIONS OF DM METHODS 57 DM solutions for Retail Analytics: 1. Multidimensional analysis of sales, customers, products, time and region 2. Design and Analysis of campaigns 3.
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