Personal Information On The Bank 's Data Warehouse Essay

Capital One uses IT through its information-based strategy (IBS) to “record, organize, and analyze data on the characteristics and behaviors of their customers,” as stated by CEO Richard Fairbank. Their philosophy was to exploit information by constructing scientific models that could be used to both assess the creditworthiness of potential cardholders through FICO scoring, and to customize product offerings for existing ones. This was done through data mining, sorting, customizing offers and marketing campaigns, and then analyzing this data to see what campaigns worked – for what reason and what

The Royal Bank of Canada using CRM and customer profitability tools to gain a competitive advantage in Canada's increasingly crowded financial services market.

I understand that very few clients maintain all of their accounts with a single provider; an integrated view of their overall financial picture is critical if clients are to be able to make informed decisions. Financial advisors, too, should be able to access and analyze customer data efficiently. When information is

These sales trends can be sorted by geographical regions, industry specific or by an individual customer. The query selection of this type of data would only be restricted by imagination of the staff. Accounting/finance data will also be captured within this database linking accounting/finance information directly to customer data. This will allow management to pull information from sales, inventory, billing and total revenue. The data is endless; the true challenge comes from pulling information that will allow us to make decisions that lead to our strategic goals of larger market shares. I have discussed what most management would consider the backbone of business intelligence software, data management that allows us to run queries and report the queries for managing and production purposes. Information delivery is also a capability that comes from business intelligence software, information delivery can come in the form of emails that are programmed to deliver specified queries on a given day of the week or month or even daily. These same queries can be web based allowing associates to access pertinent information anywhere in the world they might be with internet access. Obviously this type of access brings up security issues, but all of the platforms that I have researched come with a very robust security program.

The insights will be designed as teasers for people go for a deeper dive into the numbers, and extract their own insights. In order to select these insights, Penngood will align with a statistician to mine the data to pull out stories pertinent to each audience, as well as those that have universal interest. We will strive to make relevant connections between data points and economics, cultural, and social trends, as well as drilling down into specific audiences (eg generations, market-specific, first time homeowners) to show the broad capabilities of the dataset.

Most new entrants are technology firms of all sizes that are looking revolutionize the banking industry as they revolutionized almost all major industries in the past 15 years. These firms apply concepts such as artificial intelligence and 24/7 connectivity to create innovative ways of performing tailored banking operations at lower cost and with greater convenience for the consumer. Retail banks however have an opportunity to maintain relevancy over the upcoming decade, but in order to do so they must harness technology either through in house innovation or partnerships to accentuate they’re current competitive advantages such as personalized

From an operational viewpoint, banks are trying to incorporate technology in their product offerings, such as advanced banking and financial-related mobile applications. Innovations are made with the assistance of learnings from customer information and data analysis, which are an essential part of analytical CRM. The strategic view also suggests that banks are building a social presence on online platforms to enhance customer engagement and build a long-term relationships with their customers. The above approaches can clearly be identified when looking at CBA and NAB customer relationship management strategies. With its high-tech ATMS and state-of-the-art Commonwealth mobile app, CBA has full product leadership in the market, enabling them to have a competitive advantage when attracting new prospects or customer retention. On the other hand, NAB use customer intimacy as their core CRM strategy, cutting their product offerings in half and make consumers more centrally focused. They are very responsive in customers' needs and wants; and is the leading brand when it comes to customer

The Bandon Group has identified several specific sets of information needs. First they must have the ability to analyze existing customer accounts for profitability. The have a need to understand which account they are making money off of and which account represent high volume profits. Second, they must have an effective sales prospecting system. The ability to measure the

As a corporate executive of a banking institution, the first step to deciding on implementing a data-mining program should be to identify the goal of the data-mining program. The goal could be to determine the potential value of a customer, or to selling the right plan to the right customer at the right time, etc.… It is also important to determine the commercial value of such goal, or how will the bank benefit from it. With clear and reasonable incentives, the executive can then examine the relevant data and/or how to collect relevant data. Keeping in mind the discussion of ethical considerations before consumers gets irritated and turns away from the institution. More importantly, the executive should strictly abide the law to avoid and breach of federal restrictions.

Personal data is quickly becoming a commodity in today's high technology world. This information is used by banks, investment and brokerage companies, credit card merchants, government agencies (local, state and federal), and consumer product-based companies. Most people probably don't realize the amount of information that's shared between companies, or how often it's done. Many companies sell and share customer data to help sell products and find out what new products they should produce. Other uses include gathering information about inventory levels to help better determine what types of products are bought at which store, when and how often. This can be used for inventory and production, to make sure that the store (or

The first pillar, target market segment is essentially the discovery stage. The point of this stage is to determine whom the company is serving and to whose needs their product needs to be tailored. Some contributing factors in determining the target include demographics, psychographics, and other important characteristics. In the case of United Commercial Bank, their main target market is clear, the

How data mining can assist bankers in enhancing their businesses is illustrated in this example. Records include information such as age, sex, marital status, occupation, number of children, and etc. of the bank?s customers over the years are used in the mining process. First, an algorithm is used to identify characteristics that distinguish customers who took out a particular kind of loan from those who did not. Eventually, it develops ?rules? by which it can identify customers who are likely to be good candidates for such a loan. These rules are then used to identify such customers on the remainder of the database. Next, another algorithm is used to sort the database into cluster or groups of people with many similar attributes, with the hope that these might reveal interesting and unusual patterns. Finally, the patterns revealed by these clusters are then interpreted by the data miners, in collaboration with bank personnel.4

The protocol for obtaining the physical address of a node when the IP address is known is called _______.

The project sponsor (John Hart) had extensive industry experience and had identified the need for a corporate marketing database to target the corporate customers who brought in the majority of the revenue and profit for FNB. This new database was proposed in order to consolidate information from three different banking divisions –

To distinguish customers we divide the accounts to different categories. There are two important points of views which in