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To stay in business and being able to compete is a main concern for large companies, being innovative is a key strategy for companies to survive in the current extremely competitive market. Data mining is your shortcut to get to know your customers and to achieve and maintain customers’ satisfaction.
Models of service:
Credit Risk Prediction model helps to formulate new strategies for assessing bank performance and maintain their cash flow since it allows banks to analyze how their loans will be repaid.
This model aims to increase bank profits by reducing idle cash placed in each ATM and reduce operational costs. Since you can decide the optimum amount of money per each currency that needs to be placed in the ATM at the exact time.
It is essentially important for banks to calculate the retention cost and exact profit for each customer to determine if they will contribute into generating revenues in the future as well.
Fraud detection involves monitoring and analyzing the user activity to find any unusual or malicious pattern.
It helps banks to group their customers based on their behavior and common characteristics in order to address them appropriately, enrich customer understanding and attract them with customized offers.
Data mining can support managers in this mission by processing customers’ data, banks can serve them better by adopting their offerings and pricing.