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Prediction of the likelihood of churn by analyzing customer behavior. Customer Churn has
become a major problem in all industries including the banking industry and banks
have always tried to track customer interaction so that they can detect the customers
who are likely to leave the bank
INTRODUCTION
Churning means a customer who leaves one company and transfers to another
company. It is not only a loss in income but also other negative effects on the
operations and also mainly Customer Relation Management is very important for
banking when the company considers it as they try to establish long-term
relationships with customers and also it will lead to increase their customer base.
The service provider’s challenges are found in the behavior of the customer and their
expectations. In the current generation, people are mostly educated compared to
previous generations. So, the current generation of people is expecting more policies
and their diverse demand for connectivity and innovation. This advanced knowledge
is leading to changes in purchase behavior. This is a big challenge for current
service providers to think innovatively to reach their expectations.
Private sectors need to recognize customers Liu and Shih strengthen this argument
in their paper by indicating that increasing pressures on companies to develop new
and innovative ideas in marketing, to meet customer expectations and increase
loyalty and retention. For Customers, it is very easy to transfer their relations from
one bank to another bank. Some customers might be keeping their relationship
status null that means they will keep their account status inactive. By keeping this
account inactive it might be the customer transferring their relationship with another
bank. There are different types of customers are in the bank. Farmers are one of the
major customers to the banks they will expect fewer monthly chargers as they were
financially low. Businessperson, are also one of the major and important customers
because a lot of transactions with huge amount is done by them only usually. These
customers will expect better service quality. One of the most important categories
was Middle-class customers, mostly in every bank these peoples are more than the
type of customers. These people will expect fewer monthly charges, better service
quality, and new policies.
So, maintaining different types of customers is not that easy. They need to consider
customers and their needs to resolve these challenges delivering reliable service on
5 time and within budget to customers. While maintaining a good working partnership
with them is another significant challenge for them. If they failed to resolve these
