Finally, it suggests other potential data mining banking applications and highlights some of the limitations of data mining. Third, it illustrates a possible CRM application of data mining in banking. Second, it discusses the data mining literature, particularly its applications in banks.
This paper discusses the potential usefulness of data mining for customer relationship management (CRM) in the banking industry First, the paper introduces the CRM concept and summarises the data mining methodology and tools. Data mining provides the technology to analyse mass volume of data and/or detect hidden patterns in data to convert raw data into valuable information. Hence, it is no surprise that data mining has gained widespread attention and increasing popularity in the commercial world in recent years. Advances in computer hardware and data mining software have made data mining accessible and affordable to many businesses.
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