Bank Technology News Focuses on Information Discovery's Pattern Warehouse
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As banks and financial institutions enter a new era characterized by diversification of products, intense competition, and on-line services, technology is becoming "the" key competitive weapon. As financial institutions move to aggressively sell new products ranging from insurance to mutual funds, they need to rely on the huge amounts of data that hold patterns of customer behavior, product cross sell affinities, profitability indicators, etc. Yet mining these large databases by business users was a challenge until, Bank Technology News asserts, Information Discovery introduced the Pattern Warehouse as a repository that holds historical patterns rather than historical data.

"While data mining continues to gain acceptance, it still has its limitations. If the bank's marketing manager, for instance, wants information relating to consumer behavior patterns, the manager must rely on statistical analysts to comb through the data, locate the information and translate it into English." said Bank Technology News, in its August 1998 issue. But with a Pattern Warehouse almost all the relevant patterns in the data are found beforehand, and stored for use by business users such as marketing analysts, product managers, etc.

In recognition of this unique innovation, Bank Technology News has selected Information Discovery's Knowledge Access Suite as product of the month for August 1998. With it, financial business users get immediate access to interesting patterns as they query the Pattern Warehouse with PQL: The Pattern Query Language which does for decision support what SQL does for the databases. Business users just click on a browser-based graphic user interface to retrieve patterns on demand on the corporate intranet. They can begin to access refined knowledge immediately without lengthy training sessions or analytical know-how.

For more information please see: http://www.datamining.com