Introduce predictive analytics using the Next Best Action (NBA) models into the banking system
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2020
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Abstract
NBA - is an approach in which each client is initially considered purely ‘individual. It has a close correlation with Predictive analysis. Predictive or prognostic analytics is a set of techniques and methods for analyzing data to build a forecast of future events. The banking system is currently using the method to obtained certain business results from its customers and has increased loyalty, increased income, found new growth points, etc. The classical model of marketing was rather different, it repelled from its existing product line and its parameters. But new models repels from customer’s inclination to purchase a particular product. The aim of this project is to investigate the field of deposit accounts of the banking system by using NBA approach and to show the benefits and possible outcomes. This approach was tested on various aspects of the banking system and showed a number of solutions which can predict the probability of a customer to create a term deposit account.
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Predictive analysis, banking system, customers, income, deposit account