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 dataset. 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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