Churn Prediction - xsight
Having difficulties in retaining your customer?
Wondering what are the factors that makes customer stay using one product?
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is Churn Prediction?
Churn Prediction is a prediction method that aims to predict customer behavior towards their loyalty in using a product. Churn Predictions studies both loyal customers and swing customers that has tendency to move to competitors due to few drivers.
- Sources of information of customer behavior based on their profile.
- To prevent the occurrence of churn or customer move to competitors.
- To study and evaluates the effective marketing straetegy for the customers.
This is some information that can be provided by Churn Prediction:
Provide user with the list of customers that has potential to close an account soon or have been inactive for awhile – showing dissatifcation of the product
Able to build customer segmentation to optimize campaign to the customer
Give recommendation actions to prvenet the customer to leave the product
Churn prediction is very useful to create an advance predition on predict customers who are likely to leave a product soon. With the high level of customer move to competitors, the accuracy of this prediction is became very important. This is due to the cost of customer acquisition is much higher than the cost to maintain the existing customers.
In the competitive world of competition in retaining customers, Churn Prediction is the right solution for your company. Big Data team will assist you to make prediction models to determine the level of a person doing churn. The accuracy of the model we make is depends on the quality and availability of the data. By doing the right Customer Relationship Management (CRM) goals in determining caring activity, this solution allow company to prevent high churn rate in customer.
Churn for Finance is a use case in obtaining customer information on those who has relatively high potential to close their financial account and also to determine the factors that contribute to their decision. Whether to revise the policies, marketing strategies and to have effective methods in retaining customers for financial product.
Our Banking Customer
Our Banking Customer implement Churn Prediction to find out the root cause of the customer decline and to know the recommended effective steps to prevent further customer decline. This way bank able to retain their customers and gain benefits for the bank.