A Review of Financial Management with Data Mining Techniques

Abstract

Finance is the process of fund management. It includes allocation of liabilities and assets depending on time. Time value of money is the key component of finance. Features of finance include investment and profitable opportunities, optimal mix of funds, system of internal controls and future decision making. Nowadays several researchers are exploring how data mining techniques can be applied to financial domain. Different avenues for data analysis under finance domain include Portfolio management, Risk management, Fraud detection, Bankruptcy prediction, Foreign exchange Stock market prediction. Data mining capabilities such as automated prediction of trends & behaviors and automated discovery of previously unknown patterns helps in financial data analysis. This paper review several research works that describes application of data mining techniques in financial management from application and technical outlook.