Applying Data Analytics to Effectively Expand Banking Service Offerings

Today, in order for a bank and its offerings to remain competitive, it is necessary to carefully craft marketing campaigns and come up with enticing offers to both regular customers and new customers. In this regard, banks are using direct marketing not only to promote their offerings but also to get customer response to their services. For this purpose, a dataset related to direct marketing campaigns (phone calls) of a Portuguese banking institution was analyzed, selecting the most important attributes through different methods that influence the prediction of signing or not signing a term deposit by a customer. An “XGBoostClassifier” model with basic parameters was built, trained on the selected attributes to determine the quality according to the “Precision” metric. After preprocessing the dataset and removing some column omissions, the best model showed 71% accuracy.