Consumer banking is an expanding theme in the broader American economy. As a result, financial institutions must attempt to consistently meet the expectations of the consumer. It is of great value for banks to make a concerted effort to keep the existing client base rather than attract new customers. According to Anunay Gupta of consulting and business solutions company Brillio “acquiring new customer costs six to seven times more than keeping an existing customer
The objective is to develop a predictive analysis system to predict who may leave the bank. Any classification system providing the best fit for the dataset may be used to create a churn model to predict customer retention rates for future fiscal years. Additionally, group may want to explore research questions such as what are the key predictors the bank should be aware of with their customers? Examples are included, but not limited to: Are female customers leaving more than males? What age groups show an inclination to leave? Is there indication of customer departures associated with specific countries? Is there evidence of salary-associated departures?
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