Analyzing Member Churn and Retention at CPM Credit Union
School Name
South Carolina Governor's School for Science and Mathematics
Grade Level
12th Grade
Presentation Topic
Consumer Science
Presentation Type
Mentored
Abstract
Improving a Federal Credit Union’s member retention, and therefore finances, can improve customers’ benefits as well as experiences. Customer retention is an important part of any business, especially credit unions. It is more profitable for a company to retain loyal members, rather than find new ones. It is also important to understand why members are leaving and how to prevent them from doing so. This research project is centered around data analysis on member churn. We take the data on past members who left and use that to create an interactive dashboard using Power BI to find trends among those past members. This solved an issue in the company to find out what can be done to decrease the churn rate and retain more members. This information would also be passed along to the marketing team so they can target specific members. The team went through some training in the beginning by using Microsoft Excel, Access, and Power BI and then went on to create a database based on CPM’s member data. Member data and churned data were both included in this database. It was revealed when going through the member churn data that the credit union had lost over ten million dollars from those members. The result of this project was a Power BI report which includes member churn demographics, financial churn demographics, a member dashboard, and a machine learning page which includes an estimation about when members would leave.
Recommended Citation
Li, Isabel, "Analyzing Member Churn and Retention at CPM Credit Union" (2024). South Carolina Junior Academy of Science. 533.
https://scholarexchange.furman.edu/scjas/2024/all/533
Location
RITA 273
Start Date
March 2024
Presentation Format
Oral and Written
Group Project
No
Analyzing Member Churn and Retention at CPM Credit Union
RITA 273
Improving a Federal Credit Union’s member retention, and therefore finances, can improve customers’ benefits as well as experiences. Customer retention is an important part of any business, especially credit unions. It is more profitable for a company to retain loyal members, rather than find new ones. It is also important to understand why members are leaving and how to prevent them from doing so. This research project is centered around data analysis on member churn. We take the data on past members who left and use that to create an interactive dashboard using Power BI to find trends among those past members. This solved an issue in the company to find out what can be done to decrease the churn rate and retain more members. This information would also be passed along to the marketing team so they can target specific members. The team went through some training in the beginning by using Microsoft Excel, Access, and Power BI and then went on to create a database based on CPM’s member data. Member data and churned data were both included in this database. It was revealed when going through the member churn data that the credit union had lost over ten million dollars from those members. The result of this project was a Power BI report which includes member churn demographics, financial churn demographics, a member dashboard, and a machine learning page which includes an estimation about when members would leave.
