A recent press report said that Canara Bank has decided to hold data mining or data warehousing to manage the increasing volume of business transactions.
Ms Archana Bhargava, Executive Director, of the bank said that the process for the vital technology has reached the Request for Qualification (RFQ) stage in which leading vendors are represented.
Ms Archana said that the bank holds a customer base exceeding 3.8 crore, and settles more than a lakh transactions on a daily basis which need to be squared at the end of each day. It has already achieved the Rs 5.05 lakh-crore mark in business, and has planned to open 250 new branches across the country this year. The bank’s loan portfolio includes home loan, personal loan,car loan, personal loan etc.
Reports mentioned that it is not advisable for banks to consolidate transaction details at one place only. It has to be decentralised by locating services on regional basis. Data mining techniques helps access to data available at various computer systems through a combination of techniques in order that accounting reports can be instantaneously generated for any desired period or date.
Data mining and warehousing helps bank achieve significant cost benefits, time savings and productivity gains through a one-time investment in related technology.