Anwser the Question about Data Collection, Mining and Analysi

Data Collection , Mining and Analysis Where is the wisdom we have lost in knowledge

Where is the knowledge we have lost in information (T . S . Elliot

We are living in the technological era . It is a digital age where everything is either digitized , under the process of digitization or waiting to be digitized . As a result of such massive automation , the data has become over whelming to an extent that the knowledge underlying that data has been shadowed . Due to the high impact of the use of information technology , now the organizations

are drawn in data but starving for the knowledge , the form organized and actionable form of data . All the answers provided are related to the banking theory

To what extent does your organization /industry compete on data analytics ? Why or why not

Banking industry has seen a rapid growth over past few years on account of a number of reasons . Whatever the reasons may be , but the growth prospects of this industry have resulted in a number of new comers into the industry , thus severing the level of competition

Customers Satisfaction is the key to success in any organization and in any nature of business . That is why , the art of delighting the customer has been considered as the door to organizational success . This task is tough and required creativity . The difficulty to carry on this task intensifies when the customer base is huge , in terms of numbers , and diverse . So is the case with the banking industry where the customer base is huge as well as diversified and the competition is so severe that each organization needs to bring new products or services keeping in view the customers needs . At the same time , the risks involved are also high , thus the banks also need to reduce the number of defaulters in to ensure their financial health . Due to all these factors it has become the key factor to analyze who are the real customers , what do they want and how to determine his level of satisfaction . All this can be done effectively through using the various data analysis tools , like OLAP , Data Mining etc

Consequently , data analytics is being done in almost all the major banks . They already had information systems for various operational tasks . But now there is a tendency to deploy a data warehouse and develop the business intelligence tools so that the useful trends and patterns could be identified from the giga bytes of operational data generated daily . There can be a number of areas where data analytics help the bank in excelling the fierce competition . For example , through data analytics , the pro and common characteristics of the defaulters can be identified and those can be used assessing a person for the issuance of loan . Likewise , cross selling can also be enhanced through data mining . Once the data analytics reveals that those among the customers of service A who also subscribed to services B have what features in common . On the basis of...