Overview
Fulton Bank is an American regional community bank based in Lancaster, Pennsylvania. They serve both consumer and business customers. Last year, Fulton Bank partnered with Wharton Customer Analytics (WCA) to participate in the annual Datathon to solve business problems and drive stronger adoption of data analytics within the company.
Purpose
Fulton Bank worked with Wharton’s student team to establish five bespoke business units for Datason. Each unit focuses on how to best use data analytics to answer pressing business questions. The teams were Consumer, Commercial, Finance, Human Resources, and Operations. While some projects and other information have been omitted for privacy reasons, the following case study illustrates the value Fulton Bank Datason was able to provide.
The Wharton Datason Experience highlights the power of bringing diverse people with diverse experiences together to solve business problems. I loved the energy, innovative thinking, professionalism and drive each team brought to the table. The students who attended looked at our data and brought fresh new perspectives and came up with new recommendations.We are looking forward to our second datathon!
Judd Abou Maloof
Chief Data Officer
Fulton Financial Corporation
commercial
Which products should the Fulton Bank sales team prioritize for specific clients?
The commercial business team wanted to understand how best to cross/up-sell certain products. After reviewing Fulton Bank’s data, the team quickly realized that the top five most popular new products were inconsistent across customer segments and geographies. Using logistic regression from client product selection data, the team was able to uncover key factors in purchasing decisions and then rank all product-client combinations.
Through market basket analysis and other methodologies, the commercial team established customer subsections based on geography and segment to identify products that were statistically significant indicators of purchasing behavior. The team found that customers who already had a particular product were 16 times more likely to cross-buy others.
finance
How can you attract and retain more customers from millennials?
To increase Fulton Bank’s appeal to millennials, the finance team investigated common characteristics of millennial customers and how to better meet their needs. Early findings reveal that as the millennial’s money grows, he stays on low-interest accounts and less than 1% of his millennial customers have an intermediary relationship with Fulton Bank. .
The finance team recommended that Fulton Bank bundle millennials with checking and brokerage accounts and provide digital solutions to help them manage their money. They also suggested offering an enhanced banking experience that incorporates more robust budgeting/analytics tools to help millennials set and track their financial goals.
consumer
Which consumer households are most at risk of customer churn?
Using a consumer dataset provided by Fulton Bank, this student team first used a suite of machine learning techniques (principal component analysis, unsupervised learning, and k-means clustering) to segment the company’s customers. defined.
As a result of their work, the students were presented with five well-defined customer segments. swing by, Active, valuable, TechyWhen FaithfulChurn rates for these segments are informed by unique circumstances. swing by Customers with the highest churn rate (lowest average mobile logins and highest percentage of closed accounts) Faithful Customers with the lowest churn rate (oldest average age, highest percentage of high-income consumers).
