In this project, it was assumed that I work for a small bank and I'm responsible for determining if customers are creditworthy to give a loan to. My team typically gets 200 loan applications per week and approves them by hand.
Due to a financial scandal that hit a competitive bank last week, we suddenly have an influx of new people applying for loans instead of the other bank in the city. All of a sudden we have nearly 500 loan applications to process this week!
My manager sees this new influx as a great opportunity and wants me to figure out how to process all of these loan applications within one week.
Fortunately for me, I've just completed a course in classification modeling and know how to systematically evaluate the creditworthiness of these new loan applicants.
For this project, I was asked to analyze the business problem using the 'Problem Solving Framework' and provide a list of creditworthy customers to my manager in the next 5 days.
The following information to work with was given:
Data on all past applications The list of customers that need to be processed in the next few days