Data analysis offers bank key insights on customers
A Maine bank wanted to gain insight on their customers based on their previous interactions with the bank, as well as other demographic traits like age and income level. The bank needed a partner to draw insights of its historical data using analytics and learn what type of customers specific types of accounts attract, what products most strongly associate with each other, and whether the bank can anticipate what types of accounts customers will open next.
For the Roux to have, in only a few short years, built such an incredible partner network is truly a testament to the talent and engagement of our students. Their focus, creativity and technical skills are game-changers for the organizations they join and projects they lead. ”
Director, Partnerships and Engagement
The Roux Institute
The bank tapped into Northeastern’s Experiential Network, through which students work virtually on real-world projects for partners. Students in the Roux’s Master of Professional Studies in analytics took on the project as the main focus of their “Integrated Experiential Learning” course. The bank supplied anonymous customer history data, such as the products or accounts they currently had and demographical information. The graduate students used sophisticated analytics and machine learning techniques to dig into the data and provide a comprehensive analysis.
The students presented their findings to bank representatives at the end of the 12-week project. Their overview provided key insights that could help drive future sales and marketing, including customer segmentation strategies as well as upsell and cross-sell recommendations, such as how likely certain types of customers with a savings account are to sign up for a checking account or CD, or the ideal customer profile for someone who is likely ready for a mortgage.
In addition to the presentation, the bank received the code the students used to develop their analyses. The students also wrote—and provided—research papers that outlined proposals for additional analytical projects the bank might undertake beyond the project scope.
If you can think it, we can help you build it.
To solve a challenge—or turn an idea into reality—contact us. Our expertise is broad, ranging from experiential AI, nanoscience, and coastal sustainability to supply chain management. We can help you develop new technologies and even launch new ventures.