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Data mining in banking and its applications- A review

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DOI: 10.3844/jcssp.2013.1252.1259

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Journal of Computer Science 9 (10): 1252-1259, 2013
ISSN: 1549-3636
© 2013 Science Publications
doi:10.3844/jcssp.2013.1252.1259 Published Online 9 (10) 2013 (http://www.thescipub.com/jcs.toc)

DATA MINING IN BANKING

AND ITS APPLICATIONS-A REVIEW
1
Sreekumar Pulakkazhy and 2R.V.S. Balan
1
Department of Computer Science and Engineering, Noorul Islam University,
Kumaracoil, Thackalay, Kanyakumari (Dt), Tamil Nadu, India
2
Department of Computer Application, Noorul Islam University, Kumaracoil, Thackalay,
Kanyakumari (Dt), Tamil Nadu, India

Received 2013-01-14, Revised 2013-07-14; Accepted 2013-08-16

ABSTRACT
Banking systems collect huge amounts of data on day to day basis, be it customer information,
transaction details, risk profiles, credit card details, limit and collateral details, compliance and Anti
Money Laundering (AML) related information, trade finance data, SWIFT and telex messages.
Thousands of decisions are taken in a bank daily. These decisions include credit decisions, default
decisions, relationship start up, investment decisions, AML and Illegal financing related. One needs to
depend on various reports and drill down tools provided by the banking systems to arrive at these critical
decisions. But this is a manual process and is error prone and time consuming due to large volume of
transactional and historical data. Interesting patterns and knowledge can be mined from this huge volume
of data that in turn can be used for this decision making process. This article explores and reviews
various data mining techniques that can be applied in banking areas. It provides an overview of data
mining techniques and procedures. It also provides an insight into how these techniques can be used in
banking areas to make the decision making process easier and productive.

Keywords: Data Mining, Banking, Default Detection, Customer Classification, Money Laundering

1. INTRODUCTION how, this mountain of data is turning out to be the most

valuable asset of the organization (Tiwari, 2010).
Banking industry has hugely benefited from the Valuable knowledge and interesting patterns are hidden
advancements in digital technology (Sing and Tigga, in this data. There are huge potential for banks to apply
2012). Concept of data stored at branches has given way data mining in their decision making processes in
to centralized databases. Number of channels to access areas like marketing, credit risk management,
bank accounts has multiplied. Banking systems have detection of money laundering, liquidity management,
become technically strong and customer oriented with investment banking and detection of fraud
online transactions, electronic wire transfers, ATM and transactions in time Failures in these areas can lead to
cash and cheque deposit machines (Bhambri, 2011). As unpleasant outcomes for the bank such as losing
number of channels has increased so is the number of customers to competition, financial loss, reputational
transactions and the related data stored. So currently loss and hefty fines from the regulators.
banks have huge electronic data repositories in their Figure 1 shows decision making in conventional
computing storage systems. Data has grown in terms of settings. They are mostly done by manual procedures.
both dimensionality and size (Kaur and Sing, 2011). Users go through reports generated by banking
With advancements in data mining techniques and know- information system and use it in their decision making
Corresponding Author: Sreekumar Pulakkazhy, Department of Computer Science and Engineering, Noorul Islam University,
Kumaracoil, Thackalay, Kanyakumari (Dt), Tamil Nadu, India

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process. They may also use drill down tools provided by

the system for analyzing data to arrive at critical
decisions. Manual analysis has limitations because
volumes of data that can be manually analyzed are
limited and hence the decisions may not be as accurate as
intended (Bhasin, 2006). For example, it could be
possible that loan installments are being paid regularly
though there is an alarming negative trend in the
customers turnover and the account may be about to
default. These associations are not easy to detect through
manual processes. It is assumed that valuable
information are hidden in this volume of operational and
historic data that can be used for critical decision making
process if they are discovered and put to use by capable
tools (Kazi and Ahmed, 2012). For example, a decision
support system based on data mining techniques can be
employed to improve the quality of lending process in a Fig. 1. Conventional decision making process
bank (Ionita and Ionita, 2011). Figure 2 shows how data
mining can improve decision making process.

2. DATA MINING AND KNOWLEDGE

DISCOVERY CONCEPTS
Data Mining and Knowledge Discovery is one of
recent developments in line with data management
technologies. It combines the fields of statistics, machine
learning, database management, information science and
visualization. It is an emerging field. Despite this, it is
increasingly being used in the industry as a tool to study
their customers and make smart decisions (Ramageri,
2010). Knowledge discovery from databases is defined
as the process of identifying valid, novel, potentially
useful and ultimately understandable patterns of data.
One of the crucial steps in Knowledge discovery is Data
Mining and often they are used as synonyms (Deshpande
and Thakare, 2010). Data Mining is the process of
discovering valuable information from large data stores to
answer critical business questions. It unveils implicit
relationships, trends, patterns, exceptions and anomalies
that were hidden to human analysis.
In today’s highly competitive market environment Fig. 2. Decision making with data mining
customers are spoilt by choices. Banks need to be pro-
active in analyzing customer preferences and profiles Data mining is the process of deriving knowledge
and tune their products and services accordingly to retain hidden from large volumes of raw data. The
customer base (Bhambri, 2011). By segmenting knowledge must be new, not obvious, must be relevant
customers into bad customers and good customers, bank and can be applied in the domain where this
can cut losses before it is too late (Kazi and Ahmed, knowledge has been obtained.
2012). By analyzing patterns of transactions, bank can The logical process flow involved in data mining and
track fraud transactions before it affects its profitability knowledge discovery is shown in Figure 3.
(Ogwueleka, 2011). These are highly desirable Data mining process can be broken down to the
capabilities where data mining could help. following iterative sequence of following steps.

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2.4. Data Integration

In a production environment, there could be multiple
databases storing same information. These heterogeneous
data sources are combined in a common source.
2.5. Data Transformation and Data Reduction
Data are transformed or consolidated by performing
summary or aggregation operations so that they are
simpler to handle for the mining operations. Redundant
or highly correlated data items can be dropped out so that
data mining results would be more effective.
2.6. Data Mining
In this crucial step, intelligent data mining techniques
are applied in order to extract data patterns. There could
be many potentially useful patterns depending on the
techniques used which need to be further analyzed for
identifying the crucial ones.
2.7. Pattern Evaluation
In this stage, the patterns identified in the previous
steps are evaluated for their relevance and usefulness in
the applied domain. There are standard measures to find
out if a pattern is interesting.
2.8. Knowledge Presentation
Here visualization and knowledge representation
techniques are used to present mined knowledge to the user.

3. DATA MINING TECHNIQUES

Techniques applied for mining knowledge can
be divided into various classes depending on the
nature of knowledge that system is unearthing. We
will now look into these important techniques.
Fig. 3. Knowledge discovery process
3.1. Association
2.1. Data Selection This technique is used to unearth unsuspected data
Data required for the analysis are identified and dependencies. In other words, it tries to detect data items
brought from the data source. This is the first step in data that are associated or connected or correlated with each
mining process. Data source can be from operational or other which are not obvious previously. For example, if
historical database or from a data warehouse. customers who are enquiring about a banking product,
more often enquire about another unrelated product, then
2.2. Data Preprocessing this technique can find this pattern out and inform the
It involves Data Cleaning and Data Integration. marketing team. More formally, the task is to uncover
hidden associations from a large database. The idea is to
2.3. Data Cleaning derive a set of strong association rules in the form of
This is the stage where noise, irrelevant and “A1∧A2∧ … Am∧ B1∧ B2∧ … Bn” where Aj (for i∈{1…
inconsistent data are removed from the data selected. m}) and Bj (for j∈{1… n}) are set of attribute-values

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from the relevant data sets in a database. For example, subsidiary decision tree for each outcome and tree leaves
data recorded by a point of sales system would indicate represent classes or class distributions. It can easily be
that if customers buy certain items, they are most likely converted to classification rules or can be used to
to buy certain other items. Such information can be used compact description of data (Asghar and Iqbal, 2009).
as decisions for marketing activities promotional pricing Fuzzy sets are applied to the classification techniques
or product placements (Tiwari, 2010). In addition to this, when parameters to consider are of fuzzy in nature.
association rules are employed in application areas For example, the length of URL parameter for
including web usage mining, intrusion detection and detecting phishing sites can range from low to high
bioinformatics. Typically all association rules are not with other values in between (Aburrous et al., 2010).
interesting. From a large data set, a very large and a high Other commonly used classification technique
proportion of the rules mined will be usually of little involves application of neural networks. A neural
value. An associative relationship is considered to be network is essentially a network of processing nodes
useful if it satisfies a predefined support and confidence with weighted connections between the nodes where
values (Geng and Hamilton, 2006). Hence, a rule is the weights are determined by a learning process
discarded if it does not satisfy this minimum support using training data. Neural networks are
threshold and minimum confidence threshold. All these computationally more expensive than their decision
tree counterparts (Kumar et al. 2011).
discovered strong association rules may not be
Classification works with discrete and unordered data
interesting enough to present. Additional analysis need to
and helps to identify class labels of the members of the
be performed to uncover interesting statistical
population. But prediction models works with
correlations between associated attribute-value pairs
continuous-valued functions. That is, it is used to predict
(Geng and Hamilton, 2006). Various types of association missing or unavailable numerical data values from the
include (Ramageri, 2010): sample attribute values. Commonly used technique for
• Multilevel association rule prediction is regression analysis. It is a statistical
• Multidimensional association rule methodology that is used to forecast values from existing
• Quantitative association rule numerical values. In predictive models for data mining,
• Direct association rule we have a set of independent variables whose values are
already known and a set of dependent or response
• Indirect association rule
variables whose values we want to predict. Regression
3.2. Classification and Prediction helps us to express the relationship between these
variables as a linear or non-linear function. In many real
This is the most commonly applied data mining world problems related to banking such as stock price
technique. It is employed when the classes of data in the predictions, or credit scoring follow complex models
population are known. For example, in the case of with many independent variables and requires multi-
detecting fraudulent banking transactions from a bank’s dimensional regression analysis and logistic regression
transactions database, there can only be two classes, (Li and Liao, 2011).
namely fraudulent and non-fraudulent. It constructs a
model from the sample data items with known class 3.3. Cluster Analysis and Concept Formation
labels and use this model to predict the class of objects in
Clustering is similar to classification. But subtle
the population whose classes are not known. Each tuple
difference is that classes are not known before. Clustering
from the database contains one or more predicting
attributes which determines the predicted class label of is used to generate class labels. The objects are classified
the tuple according to the constructed model. In the or grouped based on the principle of maximizing the
banking scene, classification technique is employed similarity within a class based on the observed pattern. A
for Fraud detection (both corporate and credit fraud) regularly used and the simplest of clustering algorithms is
(Ngai et al., 2011) These models are constructed usually K-means algorithm (Kaur and Kaur, 2013). Heuristics
using a decision tree model or a neural network model. A based on the domain information can be applied to cluster
decision tree is a flow chart like recursive structure to data where K-Means algorithm produces a large number
express classification rules where each node specifies a of outliers (Shashidhar and Varadarajan, 2011). Self-
test on an attribute value, each branch specifies a Organizing Map is an important neural network based
mutually exclusive outcome of the test together with a technique employed for clustering and has been applied

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for problems in banking domain (Shih, 2011). Concept obtained from probability models of customer behavior
formation is a closely related process to clustering and is to forecast their future behaviors in various situations.
used to learn summaries from data. This process Data mining can derive this score using the past
integrates learning and classification tasks to identify behaviors of the borrower related to debt repayments by
summaries and organize learned summaries into a analyzing available credit history (He et al., 2010).
hierarchy. In banking area, clustering and concept 4.2. Marketing
formation can be employed for classifying customers
Marketing is one of the mostly used application area
with same kind of transactions or queries or profiles or
for Data Mining by the industry in general (Zhang et al.,
subscribe to similar products or has similar risk aptitude.
2008). Banking is not an exception. Retaining customers
For example, in banking sector salaried customers tend and finding new customers are getting increasingly
to join investment plans with regular contributions. difficult because of cut throat competition prevailing in
Knowledge about these classes will help banks to design the market these days. Only way to retain a customer or
products to each class of customers and can embark on win a new customer is to be proactive and know
targeted and more effective marketing campaigns. beforehand what the customer expects and offer him
what he wants. This is where data mining can help a
4. APPLICATION AREAS OF DATA great deal (Chopra et al., 2011). Data mining applied to
MINING IN BANKING customer relationship management systems can analyze
customer data and can discover key indicators to help the
Banking information systems contains huge bank to be equipped with the knowledge of factors that
volumes of data both operational and historical. Data affected customer’s demands in the past and their needs
mining can assist critical decision making processes in in the future (Ngai et al., 2009). This enables the bank to
a bank (Ionita and Ionita, 2011). Banks who apply targeted marketing. Sequential patterns can be analyzed
data mining techniques in their decision making to investigate changing customer preferences and can
hugely benefit and hold an edge over others who approach customers pro-actively (Sundari and
don’t. Some of these decisions are in the areas of Thangadurai, 2010). Data mining techniques can help in
marketing, risk management and default detection, classifying customers according to the customer’s
fraud detection, customer relationship management attributes, behavior, needs, preferences, value and other
and money laundering detection (Khac and Kechadi, factors (Ren et al., 2010). Mainly two scoring models are
2010; Dheepa and Dhanapal, 2009). These used for this classification purposes, namely credit
applications are described below. scoring model and behavioral scoring model. This
classification is valuable information for making
4.1. Risk Management and Default Detection
customer oriented marketing strategies tailor made for
Every lending decision a bank takes involve a certain the target category and provide different services for
amount of risk. Quantifying this risk can make the risk each customer category (Ping and Liang, 2010). For
management process easier and limit the risk of financial example it can determine how customers will react to a
loss to the bank. Knowing customers’ capability to repay change in interest rates, which customers will be likely
can greatly enhance a credit manager’s decisions. Data to accept new product offers, what collateral would
mining can also help to identify which customer is going require from a specific customer segment for reducing
to delay or default a loan repayment (Kazi and Ahmed, loan losses. Different levels of analysis like
2012). This advanced knowledge can help the bank to RFM(Recency, Frequency and Monitory) analysis, LTV
take corrective measures to prevent losses. For such (Life Time Value) of customers coupled with K-Means
forecasting, parameters to consider are turnover trends, clustering can be employed to develop an effective
balance sheet figures, limit utilization, behavioral customer segmentation thereby increasing targeted
patterns and cheque return patterns. Historical default marketing (Varun et al., 2012). Data mining can also
patterns can also help in predicting future defaults when reveal possibility of cross selling such as selling home
same patterns are discovered (Costa et al., 2007). Data loans to credit card customers by analyzing associations
mining techniques are applied to enhance the accuracy of from the past data (Qiu et al., 2009). It can also develop
credit scores and predict default probabilities (Li and Lia a model of existing home loan customers to analyze
o, 2011). Credit score is a value representing a their profiles to explore similar customers in other
borrower’s creditworthiness. Behavioral scores are portfolios (like demand deposits or customers with

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insurance products) to find out potential customers for that can lead to money laundering. Typically such
home loans (Shinde et al., 2012). systems take client risk assessment data, transaction risk
measurement data and patterns and behavior patterns
4.3. Fraud Detection
into consideration for detecting money laundering
Banks lose millions of dollars annually to various patterns. Transactions are then grouped into clusters
frauds. Detecting fraudulent transactions can help the based on their similarities found in these chosen
banks to act early and limit the damages. Fraud attributes (Khac et al., 2011). In a large database of
detection is the process of identifying fraudulent banking transactions, it is possible that a huge number of
transactions from genuine transactions or in other patterns emerge and will be classified as money
words this process segregates a list of transactions into laundering transactions thereby increasing false
two classes namely fraudulent and legitimate positives. Statistical false reduction methods based on
(Ogwueleka, 2011). Most important area where fraud decision tree classification are employed to limit the
detection can help is the credit card products. number of false patterns detected (Anuar et al., 2008).
Clustering methods can be used to classify transactions
and outliers can be analyzed for frauds (Dheepa and 4.5. Investment Banking
Dhanapal, 2009). Probability density of credit card
user’s past behavior can be modeled and the probability Investment is an action of investing money into an
of current behavior can be calculated to detect frauds asset or item for profit/income. Banks often offer
(Dheepa and Dhanapal, 2009). Patterns of customer’s investment services to their customers. There are a
transactions can be discovered and alerts can be vast number of financial instruments in the market.
generated if any measurable deviations are found. Data mining like K-means clustering can be applied to
Financial statement fraud detection is another area choose the best investments based on customer’s
that can employ data mining principles to effective use. profile (Ingle and Meshram, 2012). Capability to
Banks make credit decisions based on financial predict asset prices (for example stock prices) from
statements produced by customers. These statements historic prices can increase returns from investment
may contain overstated assets, sales and profits or it may tremendously. Data mining techniques for prediction like
understate losses and liabilities. Even though these neural networks and linear regression can be employed
statements may have been audited, these kinds of frauds for prediction of prices for stocks (Naeini et al., 2010).
are hard to detect using normal auditing procedures. Data mining can also be applied in time series
Classification techniques based on neural network, analysis for financial applications (Tak-chung, 2011).
regression and decision tree are used for classifying
fraudulent ratios in the statements from the non- 5. CONCLUSION
fraudulent data (Sharma and Panigrahi, 2012).
4.4. Money Laundering Detection Data mining is a process to extract knowledge
from existing data. It is used as a tool in banking and
Money Laundering is the process of hiding the illegal finance in general to discover useful information from
origin of “black” money so as to legitimize it (Khac and the operational and historical data to enable better
Kechadi, 2010). Banks are commonly used as channels decision-making. It is an interdisciplinary field,
to launder money. Therefore governments and financial confluence of Statistics, Database technology,
regulators require banks to implement processes, systems Information science, Machine learning and
and procedures to detect and prevent money laundering Visualization. It involves steps that include data
transactions. Failure to detect and prevent such illegal selection, data integration, data transformation, data
transactions can invite hefty fines both monetarily and mining, pattern evaluation, knowledge presentation.
operationally which can prove very costly for the bank Banks use data mining in various application areas
and even can make its survival difficult. Conventional like marketing, fraud detection, risk management,
rule-based transaction analysis based on reports and tools money laundering detection and investment banking.
will not be sufficient to detect more complicated The patterns detected help the bank to forecast future
transaction patterns like smurfing and networked events that can help in its decision-making processes.
transactions (Khac et al., 2011). Here data mining More and more banks are investing in data mining
techniques can be applied to dig out transaction patterns technologies to be more competitive.

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