Standard Bank Data Science Virtual Experience Programme, Machine Learning
July 2022
As Africa’s biggest lender by assets, Standard bank aims to improve the current process of applying for a home loan, which involves loan officers having to manually process home loan applications. This process takes 2 to 3 days to process upon which the applicant will receive communication on whether or not they have been granted the loan for the requested amount.
To improve the process Standard Bank wants to make use of machine learning to assess the credit worthiness of an applicant by implementing a model that will predict if the potential borrower should get the loan based on historical information, and do this such that the applicant receives a response immediately after completing their application.
