Customer Churn Data Analytics
The data consist of 10000 clients each with 13 characteristics. Data was published on kaggle here. please find data description here
There are more males than females in the client base.
All clients with 4 products quit business with the bank. Besides, these clients have a higher account balance compared to those who purchase any other number of products. All clients with 4 products are on average 45 years old.
Majority of the clients who purchased two products have on average 0.00 account balance. A very small proportion of these clients left.
Average age for churned clients is about 45-50 years old while that of retained clients is between 35-40.
churned clients have on average higher account balance than retained clients. Majority of the retained clients have 0.00 account balance, while minority have on average account balance below 100k. Very few churned clients have 0.00 account balance, and their balance is on average above 100k.
48 percent of the clients in this bank are dormant. 20 percent of the clients are no longer doing business with the bank. A huge loss to the bank.
The bank should put measures that retain clients above 40 years and those purchasing 3 & 4 products and perhaps investigage what products they purchase. Since most of the churned clients are above 40 years, the bank should come up with attractive products tailored for 40+ years clients.
Any client with account balance above 100K should be under the bank's watch as these are valuable (monetary terms) clients and are more likely to churn.
The bank should dig deeper to understand why clients with high bank balance are more likely to churn. could be poor products by the bank? is it poor customer service?
A large proportion of clients are dormant, the bank should entice them with products and deals.