Analysis of Fintech User Retention

In this data analysis project, we will investigate user behavior in a FinTech company with the help of SQL queries. The output of the queries will be visualized using Tableau, a widely used data visualization tool. This dataset provides information about... This set of data gives details about... We will be examining a user dataset from Fintech to gain insight. User: ID or account number. 2. churn: Denotes if the user has left (1 meaning they have gone, 0 meaning they are still active). 3. Age: User's age. 4. Dwelling: The housing situation of the user. 5. User's credit score. 6. Deposits: The total amount of funds put in by the user. 7. Amount of money taken out by the user. quantity_purchased_through_partners: Total number of items purchased through partners. Number of total acquisitions Number of credit cards obtained by the user. Number of credit cards suggested to the user. Number of credit cards that the user does not like. Number of credit cards favored by the user. app_downloaded: An indicator of whether the mobile application has been downloaded by the user (1 indicates 'downloaded', 0 signifies 'not downloaded'). web_user: Indicates if the individual is a web user (1 for yes, 0 for no). This user indicates whether they are using both a mobile application and the web. This data point indicates if the user is using an iOS device. android_user: A flag representing whether the user is using an Android device. quantity_registered_phones: Total number of registered phones associated with the user. 20. type_of_payment: Specifies what type of payment the user employed. 21. loan_approval_awaited: Indicates if the user is expecting a loan to be approved. 22. loan_cancellation: Indicates whether the user has had a loan terminated. This variable indicates if the user has been given a loan. 24. loan_rejected: Identifies if the user's loan request has been turned down. User's zodiac sign 26. stayed_away_for_over_two_months: Indicates whether the user has been away for more than two months. Indicates if the user has been absent for one month. Amount of rewards accrued by the user. reward_rate: Amount of rewards collected by the user. 30. was_referred: Indicates if the user was referred by another person. The company's financial services platform has an issue pinpointing and diminishing decreases in users while at the same time optimizing user experience. There are a wealth of services such as loans, credit cards, withdrawals and deposits included, however a discrepancy in user interaction and churn rate has been observed. Consequently, it is pivotal to evaluate the aspects that influence user behavior and contentment with the platform. This project is intended to assess user activity and involvement with a financial or banking application. We wish to discern any patterns, recognize what aspects drive user departure, and understand where there may be room for improvement. The ultimate objective is to gain knowledge that can be used to initiate techniques to bolster user loyalty, modify services, and heighten customer gratification. What are the queries we need to investigate? What are the topics we need to explore? Engaging users is essential to a successful business. Gaining and keeping the attention of users is a key factor in ensuring business success. Developing strategies to engage users is essential for any successful venture. What is the general degree of user involvement on the platform? Analyzing churn rate is essential for a business to understand its customer retention. It is important to gain insights into factors that are driving customers away, in order to establish methods to enhance retention. It is critical to analyze churn rate in order to gain an understanding of customer retention. Evaluating what is causing customers to move away from the business is necessary for devising methods to boost retention. What is the rate of user attrition currently? The Company will handle all financial transactions related to the project. The Company shall be responsible for all monetary matters related to the project. What are the differences in the amount of deposits and withdrawals among users? Does a link exist between credit score and purchase habits? Employees may not make personal purchases with company credit cards. Employees are prohibited from using company credit cards for personal purchases. How many users have obtained a credit card and downloaded the App? Usage of mobile applications and websites will be monitored. How many mobile app and web users are there, and how does this affect their overall engagement? We offer a loyalty rewards program for our frequent customers. We have a loyalty rewards program for our most dedicated customers. What impact do rewards have on users' loyalty? When someone you refer purchases our product, you’ll receive credit. When a purchase is made by someone you refer, you will be rewarded with credit. What is the efficiency of the referral program in getting and maintaining users?.sql This link will take you to the SQL code used for the fintech user churn analysis: https://github.com/ohaerianthonyui/Fintech-user-churn-analysis/blob/1b2e29247e7209524922fc831ea897d72e655eec/sql%20code.sql Therefore, it is evident that this project has many advantages and merits. In conclusion, it is clear that this project has numerous advantages and positive attributes. The platform has a total of 24741 distinct users, indicating the size of the overall user base. The rate of discontinuation among users is currently 41% on average, which shows the proportion of those who have ceased using the platform. Deposits and withdrawals among users present a total of 90222 and 8289, respectively. Investigating further can provide understanding of transaction habits and preferences. · 1224 users have taken advantage of credit cards to download the App. This is likely due to the connection between the App and credit cards, as well as the inclusion of credit cards in the App. Day by day, more and more users are downloading the mobile app (25717) and accessing the web (16364). It is necessary to comprehend the influence of these platforms on user engagement so as to enhance the user experience. Rewards and Loyalty: It is evident that customers who are given higher reward rates are more likely to remain loyal to the business. This highlights the significance of rewards programs in maintaining the customer base. · A total of 7803 users were acquired through the referral program, which must be assessed for its efficacy in terms of user acquisition to ensure future success. Suggestions are proposed that... It is suggested that... Improve User Engagement: Strategies designed to stimulate user engagement should be employed. This may include interactive elements, campaigns targeted to particular user groups, and content tailored to individual users. Strategies for Diminishing Client Exit Rates Strategies for reducing client departure rates are essential for maintaining a healthy business. These tactics can help to reduce the frequency at which customers choose to discontinue using your products or services. Tactics for mitigating churn rates entail identifying potential sources of dissatisfaction and implementing remedies to address those issues. These measures may include improving customer satisfaction, implementing loyalty programs, and providing incentives. Additionally, proactively engaging with customers can go a long way in preventing them from leaving. By employing churn mitigation strategies, businesses can significantly lessen the rate at which clients opt to discontinue using their products or services. Strategies include identifying and addressing sources of dissatisfaction, enhancing customer satisfaction, creating loyalty programs, offering incentives, and engaging with customers proactively. Develop and implement strategies to reduce the attrition rate. To enhance the user experience, consider pinpointing areas for improvement, gathering feedback, and initiating personalized communications. Improve Transactional Abilities Examining deposit and withdrawal patterns in greater detail can help to better comprehend user inclinations and upgrade transaction services. This may involve introducing new features, fostering existing ones, or personalizing offers based on shopping habits. Make use of the combined benefits of credit cards. Take advantage of the link between credit card usage and app downloads to enhance the user experience. Suggest integrated rewards, emphasize unique credit card capabilities within the app, and frequently obtain feedback from users. Optimization of web and mobile apps In order to increase user satisfaction on the web and mobile platforms, it is important to solicit feedback from users and identify areas that need to be enhanced. Once key areas have been pinpointed, the necessary improvements should be implemented. Enhancement of Reward Programs User loyalty can be increased by enhancing and widening reward programs. To keep users engaged, consider introducing new levels of rewards, personalised offers, and incentives. Increase Referral Program We need to boost our referral initiative in order to maximize its effectiveness. By increasing the scope of our referral program, we can ensure that more people have access to it and can take advantage of the rewards it offers. Assess the success of the referral program and the effects it has on user acquisition. To increase user numbers, consider altering the incentives, introducing referral challenges, or expanding the program. Continual monitoring and alteration To track user activity, attrition rates, and the effectiveness of employed tactics, create a long-term monitoring system. Constantly adapt tactics to conform to fluctuating customer preferences and market trends. Communication that is designed to meet particular needs Communication that is tailored to specific requirements Utilize customized communication techniques to engage with customers depending on their interests, behavior, and prior purchases. This will likely lead to increased loyalty and a stronger sense of belonging. Provide guidance to users on how to use the system. Give orientations to make sure they understand how it works. Offer users instruction and orientation to ensure they comprehend how the system works and are able to use it effectively. Provide comprehensive instruction and onboarding guides to help users understand all the features, benefits, and rewards of the platform. This could increase user satisfaction and encourage ongoing engagement. Implementing these ideas will lead to a more interesting and personalized user experience, which will help to increase user numbers, satisfaction, and lasting development. Lasting triumph will be contingent upon executing these strategies and modifying them to suit changing user expectations.

Source: https://medium.com/@ohaerianthonyui/fintech-user-churn-analysis-8e7e41bd32c2?source=rss------fintech-5