Digital Bank Of The Future
Proposed plan on prediciting future churn and reducing it through marketing campaigns
About the project
Client
N26
Role
Data Analysis
N26 is a german digital bank founded in 2013 that offers its customers a range of banking services through its mobile app and website. They have been experiencing a higher rate of churn, which we set out to reduce. To do this, we undertook a quantitative analysis overview, where we analyzed a dataset of 10,000 N26 customers. We looked into the data by classifying them into 4 main groups, including Customer Identification Information, Customer Account Type, Customer Banking Information and Customer Demographics. We aimed to gain valuable insights from this data.
Problem & Challenge
With the advent of new online only banking products such as Sterling, Monzo and Revolut, N26 is experiencing customer churn.
They want to reduce this, to become the bank of choice.
Research Objective Understanding WHY customers churn
Research goal:
Identify why customer churn is increasing amongst 45-60 year old N26 customers using standard cards.
First, we undertook our Quantative research, where we used the data set to identify outliers as well as trends regarding churn. We also did a Qualitative analysis, which is shown below.
Project results
Key insights from the study are found below. Our key insights centered around security, trust and temporary banking services.
Proposed Solution
