RBC Royal Bank wanted to evaluate the financial value of its substantial personal customer base to determine which type of customers were the most valuable to the bank. To do this, the bank looked at revenues and expenses from each of its financial products, including loans and credit card usage. To identify and then analyze this information, the bank utilized the marketing information systems analysis technique called ________.

Question

Quizplus · Accepted Answer

Data mining involves using statistical and computational techniques to analyze large data sets and identify patterns and relationships. In this case, the bank used data mining to analyze customer transaction data and identify the most valuable customer segments based on their product usage and revenue generated.

RBC Royal Bank Wanted to Evaluate the Financial Value of Its