Customer churn poses a significant challenge for the banking and finance industry in the United States, directly affecting profitability and market share. This study conducts a comprehensive comparative analysis of ma...Customer churn poses a significant challenge for the banking and finance industry in the United States, directly affecting profitability and market share. This study conducts a comprehensive comparative analysis of machine learning models for customer churn prediction, focusing on the U.S. context. The research evaluates the performance of logistic regression, random forest, and neural networks using industry-specific datasets, considering the economic impact and practical implications of the findings. The exploratory data analysis reveals unique patterns and trends in the U.S. banking and finance industry, such as the age distribution of customers and the prevalence of dormant accounts. The study incorporates macroeconomic factors to capture the potential influence of external conditions on customer churn behavior. The findings highlight the importance of leveraging advanced machine learning techniques and comprehensive customer data to develop effective churn prevention strategies in the U.S. context. By accurately predicting customer churn, financial institutions can proactively identify at-risk customers, implement targeted retention strategies, and optimize resource allocation. The study discusses the limitations and potential future improvements, serving as a roadmap for researchers and practitioners to further advance the field of customer churn prediction in the evolving landscape of the U.S. banking and finance industry.展开更多
Customer attrition in the banking industry occurs when consumers quit using the goods and services offered by the bank for some time and,after that,end their connection with the bank.Therefore,customer retention is es...Customer attrition in the banking industry occurs when consumers quit using the goods and services offered by the bank for some time and,after that,end their connection with the bank.Therefore,customer retention is essential in today’s extremely competitive banking market.Additionally,having a solid customer base helps attract new consumers by fostering confidence and a referral from a current clientele.These factors make reducing client attrition a crucial step that banks must pursue.In our research,we aim to examine bank data and forecast which users will most likely discontinue using the bank’s services and become paying customers.We use various machine learning algorithms to analyze the data and show comparative analysis on different evaluation metrics.In addition,we developed a Data Visualization RShiny app for data science and management regarding customer churn analysis.Analyzing this data will help the bank indicate the trend and then try to retain customers on the verge of attrition.展开更多
文摘Customer churn poses a significant challenge for the banking and finance industry in the United States, directly affecting profitability and market share. This study conducts a comprehensive comparative analysis of machine learning models for customer churn prediction, focusing on the U.S. context. The research evaluates the performance of logistic regression, random forest, and neural networks using industry-specific datasets, considering the economic impact and practical implications of the findings. The exploratory data analysis reveals unique patterns and trends in the U.S. banking and finance industry, such as the age distribution of customers and the prevalence of dormant accounts. The study incorporates macroeconomic factors to capture the potential influence of external conditions on customer churn behavior. The findings highlight the importance of leveraging advanced machine learning techniques and comprehensive customer data to develop effective churn prevention strategies in the U.S. context. By accurately predicting customer churn, financial institutions can proactively identify at-risk customers, implement targeted retention strategies, and optimize resource allocation. The study discusses the limitations and potential future improvements, serving as a roadmap for researchers and practitioners to further advance the field of customer churn prediction in the evolving landscape of the U.S. banking and finance industry.
文摘Customer attrition in the banking industry occurs when consumers quit using the goods and services offered by the bank for some time and,after that,end their connection with the bank.Therefore,customer retention is essential in today’s extremely competitive banking market.Additionally,having a solid customer base helps attract new consumers by fostering confidence and a referral from a current clientele.These factors make reducing client attrition a crucial step that banks must pursue.In our research,we aim to examine bank data and forecast which users will most likely discontinue using the bank’s services and become paying customers.We use various machine learning algorithms to analyze the data and show comparative analysis on different evaluation metrics.In addition,we developed a Data Visualization RShiny app for data science and management regarding customer churn analysis.Analyzing this data will help the bank indicate the trend and then try to retain customers on the verge of attrition.
