The Impact of Data Mining Techniques on the Indian Banking System
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Abstract
A definite transition away from the current post-industrial civilization towards the "Knowledge -
based society" is being brought about by the influence of the "information Revolution" that is
shaking the sphere. The banking and finance sector which consists of banks, financial firms, and
other providers of financial services, is increasingly adopting new ICT developments (ICT). ICT
adoption by banks has clearly benefited the banks in the form of improved customer service,
reduced transaction expenses, a larger variety of delivery options and goods, etc. All banks are
using fintech (Fin Tech) more and more. India particularly has experienced a period of
demonetization (DeMo) as of November 8, 2016. Banks in India support contactless payments
and digital banking in this contemporary DeMo age, and they are increasingly implementing
fintech. There is intense competition in the financial system between individual banks and bank
groups as a result of the digital take on elements place in the Indian economy as a whole and the
banking industry in particular. The Next Generation of Private Banking Institutions (NGPSBs) is
quickly eroding the market share held by Public Sector Banks (PSBs) (NGPBs). Using ICTbased solutions can help banks stay competitive in an environment where industry competition is
on the rise. In the ongoing DeMo era in India, this study examines the implications of
information mining technologies for improved competition, especially in conventional banking
institutions.
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