is likely to repay the loan, then not approving the loan to the person results in a loss of business to the bank If the applicant is a good credit risk, i.e.Two types of risks are associated with the bank’s decision – When a bank receives a loan application, based on the applicant’s profile the bank has to make a decision regarding whether to go ahead with the loan approval or not. There may be several options for tools available for a data set. It is important to understand the rationale behind the methods so that tools and methods have appropriate fit with the data and the objective of pattern recognition. Data mining is a critical step in knowledge discovery involving theories, methodologies and tools for revealing patterns in data.
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