Table of Content
AI models improve customer trust and loyalty by getting right data
Data mining a way to extract and get right data
Data mining refers to the use of various techniques in order to analyze the data and to extract the required information. Data mining is used in fraud detection, credit risk management etc. Many of the banks in Pakistan use data mining technique in order to detect suspicious transactions. If any suspicious transaction is recorded, the card is immediately blocked after a verification code.
In simple words, we can say data mining is the process to find hidden meaning from a large set of data. Huge amount of data of data is required to perform data mining.
How data mining is performed?
Basically, in data mining we discover patterns and trends in large set of data. It can be divided into four steps used to complete data mining process:
Data mining techniques
There are various data mining techniques which are used with the purpose of converting huge amount of data from data warehouse into a useful output. Following are some most popular data mining techniques
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