Utilization of data mining and machine learning in digital and electronic payments in banks

Abstract

The purpose of the paper is to study and measure the usability level of new technologies such as machine learning (ML) and data mining (DM) in the banking sector. An overview of the current situation in the international markets and a deeper look at the Albanian one is given. The research methodology includes qualitative and quantitative methods. This mixed approach offers the possibility of obtaining detailed answers and allows statistical analysis to draw patterns or trends related to the subject of the study. This research topic is important since the studies in this field in the regional context are few and this topic has not been extensively studied before. New technologies and their advantages are of great importance to the banking sector. This study identifies prevalent ML approaches currently and is expected to be used in the near future. An online survey is done on a network of professionals in the banking and financial sector. The findings show that the impact of ML and DM in these organizations, currently is at an average level. The results of this study can be a useful indicator for the stakeholders of the banking sector to implement new digital technologies such as ML and DM.