Data Mining Pays Off for Financial Institutions, Says Study
Data mining is worth its weight in gold for financial institutions, according to a new study from Meridien Research (Needham, MA). The report, Data Mining Solutions and Customer Management, predicts that the top 500 global financial service firms will spend $360 million on data mining systems in 1997. Commercial banks top the list of data mining users, followed by non-bank consumer credit companies and insurance firms. The report indicates that North America is the leading geographical region for using data mining technology, accounting for 54% of global spending. North America, Europe and Asia/Pacific are predicted to increase their spending level for data mining by an average of 20% through the year 2002. The report includes descriptions of various data mining technologies and algorithms, including neural nets and decision trees, as well as vendor activity for data mining, system integrators and consultants and data warehousing technology. Case studies of Fleet Financial, Credit Suisse and Norwich Union are also included in the report, which can be obtained by contacting Meridien Research at 617-455-6888.