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Customer Segmentation

Banking

The goal of segmenting customers is to decide how to relate to customers in each segment in order to maximize the value of each customer to the business.
Types of Customer Segmentation in the industry : CLV Focused Customer Segmentation, Segment via Cluster Analysis, RFM (Recency, Frequency, Monetary ) Segmentation

Benefits for the company

Banks group their customers based on their behavior and common characteristics in order to address them appropriately.

Feasability

High

Type of expertise/ AI domain

Clustering Analysis, Machine Learning for sophisticated large amounts of data

Internal data required

Customer Profile, Purchase data, Customer Lifetime Value Calculations

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