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首页> 外文期刊>Expert Systems with Application >Investigating the role of product features in preventing customer churn, by using survival analysis and choice modeling: The case of financial services
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Investigating the role of product features in preventing customer churn, by using survival analysis and choice modeling: The case of financial services

机译：通过使用生存分析和选择建模来研究产品功能在防止客户流失中的作用：金融服务案例

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摘要

The enhancement of existing relationships is of pivotal importance to companies, since attracting new customers is known to be more expensive. Therefore, as part of their customer relationship management (CRM) strategy, many researchers have been analyzing 'why' customers decide to switch. However, despite its practical relevance, few studies have investigated how companies can react to defection prone customers by offering the right set of products. Additionally, within the current customer attention 'hype', one tends to overlook the nature of different products when investigating customer defection. In this research, we study the defection of the savings and investment (SI) customers of a large Belgian financial service provider. We created different SI churn behavior categories by introducing two dimensions: (i) duration of the products (fixed term versus infinity) and (ii) capital/revenue risks involved. Considering these product features, we first gain explorative insight in the timing of the churn event by means of Kaplan-Meier estimates. Secondly, we elaborate on the most alarming group of customers that emerged from the former explorative analysis. A hazard model is built to detect the most convenient product categories to cross-sell in order to reduce their churn likelihood. Complementary, a multinomial probit model is estimated to explore the customers' preferences with respect to the product features involved and to test whether these correspond with the findings of the survival analysis. The results of our study indicate that customer retention cannot be understood by solely relying on customer characteristics. In sum, it might be true that 'not all customers are created equal', but neither are all products.
机译：增强现有关系对公司至关重要，因为众所周知，吸引新客户的成本更高。因此，作为客户关系管理（CRM）策略的一部分，许多研究人员一直在分析“为什么”客户决定转换。但是，尽管有实际意义，但很少有研究调查公司如何通过提供正确的产品来应对容易发生叛逃的客户。此外，在当前的客户关注“炒作”中，当调查客户缺陷时，人们往往会忽略不同产品的性质。在这项研究中，我们研究了大型比利时金融服务提供商的储蓄和投资（SI）客户的缺陷。我们通过引入两个维度来创建不同的SI流失行为类别：（i）产品的持续时间（固定期限与无限期）和（ii）涉及的资本/收入风险。考虑到这些产品的功能，我们首先通过Kaplan-Meier估计获得搅动事件发生时间的探索性见解。其次，我们详细说明了从以前的探索性分析中得出的最令人震惊的客户群。建立了危害模型以检测最方便交叉销售的产品类别，以减少其流失的可能性。作为补充，可以估算一个多项式概率模型，以探索客户对所涉及产品功能的偏好，并测试这些偏好是否与生存分析的结果相对应。我们的研究结果表明，仅依靠客户特征不能理解客户保留率。总而言之，“并非所有客户都是平等的”，但并非所有产品都是如此。

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