Data mining is a thing of the past; today, business entities need real-time access to customer and business related information, in order to take early and better decision.

1. Predictive Analytics Banking Market- Allied Market Research

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3. Description
Data mining is a thing of the past; today, business entities need real-time access to
customer and business related information, in order to take early and better
decision. Predictive analytics in banking sector is a new technology to derive
customer insights. Predictive analysis tools are used by banks to arrive at data
driven logical conclusions to provide better and personalized customer experience.
It helps in risk assessment and regulatory management of the financial institutions
as well as assists in customer relationship management (CRM). Credit card
companies might use predictive analysis to set credit lines for specific customers.
Insurance companies can use predictive analytics to set premium amounts.
Government agencies can use the system to curb fraudulent activities. Fraud
detection ability and risk assessment through predictive analytics provides a strong
base to this market. However, possibility of inaccurate analysis can be an issue that
might restrict the market.

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