Business Systems and Knowledge Modelling Lab

Data mining is a process concerned with uncovering patterns, associations, anomalies, and statistically significant structures and events in data. It cannot only help us in knowledge discovery, that is, the identification of new phenomena, but it is also useful in enhancing our understanding of known phenomena.

The ability of financial institutions to collect data today far outstrips their ability to explore, analyze, and understand it. This project investigates use of distributed data mining technologies for extracting meaningful patterns in the customer relationship management area of a banking and financial institution in Victoria (name not disclosed for confidentiality reasons). The project is funded by the financial institution.

Practical Outcome: A Prototype for determining transaction frequency, transaction recency, clustering of financial products based on customer demographics and several other perspectives has been developed for the industrial client. Further work is in progress.