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DAR in Banking Meaning

The DAR meaning in Banking terms is "Data Analytics and Reporting". There are 3 related meanings of the DAR Banking abbreviation.

DAR on Banking Full Forms

  1. Data Analytics and Reporting DAR, or Data Analytics and Reporting, is a vital function in the banking industry. It involves the collection, analysis, and presentation of data in a meaningful way to help banks make informed decisions. Banks collect a vast amount of data from various sources, such as customer transactions, loan applications, credit scores, and market trends. Data analysts then use various tools and techniques to analyze this data and create reports that help the bank identify patterns, trends, and areas for improvement. For example, data analytics can help banks identify potential fraud or money laundering activities by analyzing transactional data. It can also help banks understand customer behavior and preferences, which can be used to create targeted marketing campaigns and personalized product offerings.
  2. Day in Accounts Receivable "Days in Accounts Receivable" (DAR) is a financial metric used to measure the average number of days it takes for a company to collect payments from its customers. It is a key performance indicator (KPI) for businesses that offer credit terms to their customers, such as net 30 or net 60 payment terms. To calculate DAR, you divide the total amount of accounts receivable by the average daily sales. Then you multiply that number by the number of days in the period being analyzed.
  3. Data Access Request A Data Access Request (DAR) in banking refers to a request made by a customer to access and obtain their personal data that is held by the bank. The right to access personal data is a fundamental right under data protection regulations, such as the General Data Protection Regulation (GDPR) in the European Union. A customer can make a DAR to the bank either in writing or electronically. The bank is required to provide the requested information within a reasonable timeframe and in a clear and concise manner. The information provided should include details such as the categories of personal data held, the purpose of processing the data, the recipients of the data, and any other relevant details.

References

  1. REVENUE CYCLE NUMBERS: DAY IN ACCOUNTS RECEIVABLE (DAR). (). Coronis Health.

Frequently Asked Questions (FAQ)

  1. What does DAR stand for Banking?

    DAR stands for Data Analytics and Reporting in Banking terms.

  2. What is the shortened form of Day in Accounts Receivable in Banking?

    The short form of "Day in Accounts Receivable" is DAR for Banking.

Citation

DAR in Banking. Acronym24.com. (2023, April 20). Retrieved November 22, 2024 from https://acronym24.com/dar-meaning-in-banking/

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