Old Second Bank, a Chicago-based bank that’s been serving its community for over 140 years, needed a more efficient way to understand why certain customers chose to close their checking accounts—and predict which accounts could be next.
BDO Digital used machine learning techniques to create a predictive model that accurately forecasted which bank clients were the most likely to close their accounts. This information was made accessible to Old Second Bank via a business dashboard of BDO Digital’s design.
As a result, Old Second Bank was able to:
- Understand which accounts were in danger of closing and why
- Improve relationships with their customers to prevent the closing of accounts
- Target the right areas for business development and drive more sales towards their bottom line