The RFM-based ubiquitous framework for secure and efficient banking

Abstract

In recent years, the RFM model has been broadly referred to analyze the behavior of customers based on recency, transaction frequency and monetary background. With this perspective, this study proposes a new RFM-based Ubiquitous methodology for customer segmentation based on the given transaction driven parameters and then the MCDM techniques can be used for proper ranking of customers. Then the bank can plan their marketing strategy and can not only attract but also make them satisfy by offering proper policies to them. The main of this paper is to use this scoring model and to propose the alternative strategies for efficient use of security resources so that security cost while maintaining the bank accounts can be reduced at a major extent. This study also gives a case study with real banking data so that a proper methodology and results can be represented.