A Study on the Core Driving Factors and Heterogeneity of Customers’ Subscription Behaviors for Fixed Deposits in Banks - An Empirical Analysis Based on Telephone Marketing Data from Portuguese Retail Banks

Abstract

Against the backdrop of increasingly fierce competition in the global retail banking industry, time deposits, as a stable source of bank liabilities, have become a key focus of precise marketing for commercial banks [1]. Based on the telephone marketing data of Portuguese retail banks from Kaggle, this study empirically explores the core driving factors and heterogeneity characteristics of customers’ fixed deposit subscription behaviors from three dimensions. The results show that marketing historical success exerting the most prominent driving effect. In terms of heterogeneity, customers with different educational levels and loan status show significant differences in financial characteristics and subscription willingness. This study clarifies the internal logic of customers’ fixed deposit subscription behaviors, and provides scientific and feasible strategic references for retail banks to optimize the allocation of telemarketing resources, implement stratified and precise marketing, and improve marketing conversion efficiency.