Kohonen's Self-Organizing Maps (SOM) as a leading method for forecasting and modeling socio-economic development

Kohonen's Self-Organizing Maps (SOM) have gained immense popularity across diverse disciplines, encompassing finance, economics, and regional development studies. These maps offer a powerful tool for unraveling intricate phenomena and tackling prevalent challenges in these domains.

Within the financial industry, SOM has been harnessed for multiple purposes. It facilitates the identification and prevention of fraud in the leasing sector, enhances market segmentation by clustering retail banking customers, and uncovers hidden financial patterns embedded in stock price charts. Additionally, SOM enables the visualization of complex financial performance data, aiding analysts in deciphering historical trends and making informed decisions.