There has been a decline in revenues for a Portuguese bank and they would like to know what actions to take. After investigating, we found out that the root cause is that their clients are not depositing as frequently as they used to. Knowing that term deposits allow banks to hold onto a deposit for a specific amount of time, banks can invest in higher gain financial products to make a profit. In addition, banks also hold better chances to persuade term deposit clients into buying other products such as funds or insurance to further increase their revenues. As a result, this Portuguese bank would like to identify existing clients that have a higher chance to subscribe for a term deposit and focus marketing effort on such clients.
Based on a dataset containing 2884 records, including lead, conversion information, and macro-economic data:
- Age of prospect,
- Duration of last contact,
- Number of contacts during the campaign,
- Number of contacts before this campaign for this client,
- Quarterly average employment rate,
- Monthly consumer price index,
- Daily three month Euribor rate,
- Quarterly average of the total number of employed citizens,
- Type of job of citizens,
- Education of citizens,
- Month of last contact,
- Day of previous contact,
- Number of leads converted.
We have asked quaartz to determine which leads were likely to convert.
We also seek to understand which criteria are essential in increasing lead conversion, i.e., deal closing, to better qualify upcoming contacts.