Analyze customer's description using text-mining
Most transactions from customers are fund transfer which are categorized as internal or external transfer and the bank cannot understand the purpose of fund transfer from customers as descriptions are messy and unstructured.
In order to identify transaction purpose of affluent customers, we used text mining technique to define which words are most frequent in their financial transaction description. After that, keywords are divided into different transaction groups such as bond, securities, or booking hotel for further usage.
After using text-mining techniques, we have helped business understand customers much better by categorizing transactions of thousands customers into proper groups and offering these customers proper products accordingly.