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In the world of banking, retaining customers is a top priority. Customer churn, or the rate at which customers leave a bank’s services, can have a significant impact on a bank’s bottom line. To deal with customer churn effectively, banks are turning to advanced-level analytical and machine learning to develop the prediction model. Preventing customer churn is not only crucial for corporate development but also a key component of client Relationship Management (CRM) strategies. This article explores the world of customer churn in the banking industry for predicting churns and the strategies needed to achieve ambitious goals set for high customer retention.
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