Data mining: Techniques for Enhancing Customer Relationship Management in Banking and Retail Industries
|P Salman Raju, Dr V Rama Bai, G Krishna Chaitanya
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Currently several industries including like banking, finance, retail, insurance, publicity, database marketing, sales predict, etc are Data Mining tools for Customer Relationship Management. Leading banks are using Data Mining tools for customer segmentation and benefit, credit scoring and approval, predicting payment lapse, marketing, detecting illegal transactions, etc. The Banking and Retail industry is realizing that it is possible to gain competitive advantage deploy data mining. For retailers, data mining can be used to provide information on product sales direction, customer buying tradition and desires; etc. This article provides an critique of the concept of Data mining and Customer Relationship Management in organized Banking and Retail industries. It also discusses standard tasks involved in data mining; evaluate various data mining applications in different sectors.