At Knoyd we are constantly trying to help our clients leverage data, predict the future or, put simply, be smart. This year, two of our important customers came from the banking sector so we have decided to share our experience and explain how their businesses have become smarter.

Working as Data Scientists, we have to solve various problems on a daily basis. Some of them are tasks we've completed many times before and some of them are completely new to us and we have to understand the business logic behind them before starting building models. The latter was the case when our client, a bank, approached us a couple of months ago with a problem they were tackling – whether to provide or deny loans to gamblers.

A 5% increase in customer retention produces more than a 25% increase in profit. It is cheaper to keep existing customers than gain new ones. Over the years, we have collected a lot of experience with churn prediction, from industries like telecommunication providers, banking or computer security. Today we want to share some of our experience with you. 

Everyone keeps talking about data; its great value, utility, and the many benefits it offers. However, to many people all those might just seem like abstract concepts. That's why we want to show you what data means in real life: data to help, data to increase efficiency, and sometimes data just to amuse. We point out use cases where data science helped someone to solve a unique problem or to solve a very old problem in a unique way. We will demonstrate that data can help individuals, communities, as well as corporations and governments. It's not a universal solution to everything, but it is right up there :)

Knoyd is the result of our dreams and efforts and some hard work so far (and much more to come) and Knoyd is here now to help you know your data, as that’s exactly the key to success.