A Survey on Techniques and Applications of Data mining in Banking Field

In these days's generation, data mining is turning into strategically crucial place for lots enterprise organizations inclusive of banking area. It is a process of analysing the records from various views and summarizing it into precious records. Data mining assists the banks to look for hidden pattern in a set and find out unknown relationship within the records. These days, clients have such a lot of opinions in regards to where they could choose to do their enterprise. Early records evaluation strategies had been orientated in the direction of extracting quantitative and statistical information characteristics. These strategies facilitate useful records interpretations for the banking field to avoid customer attrition. Customer retention is the most important thing to be analysed in today's competitive business surroundings. And additionally fraud is a great hassle in banking field. Detecting and stopping fraud is difficult, because fraudsters broaden new schemes all the time, and the schemes develop an increasing number of sophisticated to elude clean detection. This paper analyses the data mining techniques and its applications in banking field like fraud prevention and detection, patron retention, advertising and danger management