Data Analysis

Segmentation analysis for a bank

Segmentation analysis is done to check which are the potential customers for particular product. Below storyline(created using tableau) is the example of how we can perform segmentation analysis of customers in a bank say if we want to sell life insurance policy to existing bank customers.

customer_segmentation

In the below pic if we want to sell life insurance in England , we need to understand the customers first:

england

If we see major group of customers are in age 30-35 and mainly 70% are white collar employee having proportionate men and women. All these customers have very low bank balance. So Life insurance product can be sold to them with agenda to secure their future and creating wealth for their retirement.

This is just an example of how segmentation analysis can help in decision making in business. It is used in many industries these days like insurance agencies, credit card companies, banks, luxury items and at many more places.

You could look up my work here : Sample Segmentation Analysis for Bank

Input datasets and idea courtesy : superdatascience.com

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