Journal article

Designing A Data Mining Process For The Financial Services Domain

Year:

2022

Published in:

Journal of Business Analytics
Data mining
financial services
design scienceprivacy
AI ethics
quality assurance

The implementation of data mining projects in complex organisations requires well-defined processes. Standard data mining processes, such as CRISP-DM, have gained broad adoption over the past two decades. However, numerous studies demonstrated that organisations often do not apply CRISP-DM and related processes as-is, but rather adapt them to address industry-specific requirements. Accordingly, a number of sector-specific adaptations of standard data mining processes have been proposed. So far, however, no such adaptation has been suggested for the financial services sector. This paper addresses the gap by designing and evaluating a Financial Industry Process for Data Mining (FIN-DM). FIN-DM adapts and extends CRISP-DM to address regulatory compliance, governance, and risk management requirements inherent in the financial sector, and to embed quality assurance as an integral part of the data mining project life-cycle. The framework has been iteratively designed and validated with data mining and IT experts in a financial services organisation.

Other publications by

8 publications found

2020
Working paper

Adaptations Of Data Mining Methodologies: A Systematic Literature Review

Publisher: University of Tartu

Authors: Veronika Plotnikova, Fredrik Milani, Marlon Dumas

2019
Conference proceedings

Data Mining Methodologies in the Banking Domain: A Systematic Literature Review

Publisher: Perspectives in Business Informatics Research

Authors: Veronika Plotnikova, Fredrik Milani, Marlon Dumas

2018
Conference proceedings

Building Payment Classification Models from Rules and Crowdsourced Labels: A Case Study

Publisher: Advanced Information Systems Engineering Workshops

Authors: Veronika Plotnikova, Artem Mateush, Rajesh Sharma , Marlon Dumas, Ivan Slobozhan, Jaan Übi

2021
Conference proceedings

Adapting the CRISP‑DM Data Mining Process: A Case Study in the Financial Services Domain

Publisher: Research Challenges in Information Science

Authors: Veronika Plotnikova, Fredrik Milani, Marlon Dumas

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