Application of data mining tools and techniques in improving banking services

Abstract

In any organization, including banks, historical data and information is considered the basic and life-giving artery of that organization. Data alone do not tell the patterns in banks, and tools such as data mining are needed to identify patterns in large databases. With the help of this tool, the stored data can be processed and the resulting information can be made available to bank managers and officials. In this regard, many banks are using data mining to manage all bank departments. Data mining is a method used to extract important information from a large amount of available data and enable better decision making for the banking and retail industries. Banks that have realized the usefulness of data mining and are in the process of building a data mining environment for their decision-making process will gain a significant competitive advantage in the future. Therefore, in this article, the application of data mining techniques in banking was presented.