In addition to the retail and sales industry the

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In addition to the retail and sales industry the financial industry uses data mining as well. Data mining helps the financial industry find patterns and make predictions regarding the stock market prices, commodity prices, utility prices, or currency exchange rates. Data mining is also important in detecting fraudulent behavior in insurance claims and credit card use. Banks are
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Data Mining 4 able to forecast levels of bad loans and which customers will best respond to and qualify for new loan offers. The healthcare industry uses data mining to correlate the demographics of patients with critical illness. Doctors are seeking insights into symptoms and their causes and how to provide proper treatments. The finances and health of individuals is very important. While people want better services they do not want to be treated like scientific lab experiments. The average American does not realize that their personal financial information and health records are being used for statistical data. Some would find it alarming that their personal information is being used without their knowledge. As a consumer one can only have confidence in the businesses they use that they are being protected. Financial institutions such as Wells Fargo have become efficient in predicting customer behavior. Its analysts have made is so that the bank knows what the customer wants before the customer does. Every transaction that customers make on the phone, ATM, branch and online is watched. The bank will then make offers according to the customer’s behavior. Paying close attention to customer behavior is very important because customers want to know about the various products that the bank is offering that might suit them. Tailoring the advertisement of products to each customer is a great business practice. Customers gain better relations ships and
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