Bank Telemarketing Campaign Case Study.
In this case study you’ll be learning Exploratory Data Analytics with the help of a case study on "Bank marketing campaign". This will enable you to understand why EDA is a most important step in the process of Machine Learning.
The bank provides financial services/products such as savings accounts, current accounts, debit cards, etc. to its customers. In order to increase its overall revenue, the bank conducts various marketing campaigns for its financial products such as credit cards, term deposits, loans, etc. These campaigns are intended for the bank’s existing customers. However, the marketing campaigns need to be cost-efficient so that the bank not only increases their overall revenues but also the total profit. You need to apply your knowledge of EDA on the given dataset to analyse the patterns and provide inferences/solutions for the future marketing campaign.
The bank conducted a telemarketing campaign for one of its financial products ‘Term Deposits’ to help foster long-term relationships with existing customers. The dataset contains information about all the customers who were contacted during a particular year to open term deposit accounts.
What is the term Deposit?
Term deposits also called fixed deposits, are the cash investments made for a specific time period ranging from 1 month to 5 years for predetermined fixed interest rates. The fixed interest rates offered for term deposits are higher than the regular interest rates for savings accounts. The customers receive the total amount (investment plus the interest) at the end of the maturity period. Also, the money can only be withdrawn at the end of the maturity period. Withdrawing money before that will result in an added penalty associated, and the customer will not receive any interest returns.
Your target is to do end to end EDA on this bank telemarketing campaign data set to infer knowledge that where bank has to put more effort to improve it's positive response rate.