The objective of this contest is to help Financial Services organizations acquire more customers by cross-selling - selling additional products to existing customers. The cost of acquiring a new customer is upwards of 4 times the cost of serving an additional product to an existing customer, so it makes sense to have a sound cross-sell strategy.
This contest - Customer Cross-sell - endeavors to build a model to predict the likelihood of an existing customer accepting an offer of a Term Deposit.
Should the results of this contest be used directly for contacting customers?
No! This model only predicts propensity to accept the offer of a Term Deposit. We also need to intersect this with the value dimension - how valuable is the customer - would accepting the term deposit offer result in value creation or destruction?
The value dimension will be examined by a subsequent contest.
The data pertains to direct marketing - tele-marketing campaigns of a Portuguese banking institution. It is conceivable that more than one contact to the same client is required in order to close the Term Deposit conversation.
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