A Survey of the Applications of Text Mining in Financial Domain

Text mining has found a variety of applications in diverse domains. Of late, prolific work is reported in using text mining techniques to solve problems in financial domain. The objective of this paper is to provide a state-of-the-art survey of various applications of Text mining to finance. These applications are categorized broadly into FOREX rate prediction, stock market prediction, customer relationship management (CRM) and cyber security. Since finance is a service industry, these problems are paramount in operational and customer growth aspects. We reviewed 89 research papers that appeared during the period 2000–2016, highlighted some of the issues, gaps, key challenges in this area and proposed some future research directions. Finally, this review can be extremely useful to budding researchers in this area, as many open problems are highlighted.