Accion Labs has been building innovations for businesses across industries like healthcare, fintech and e-commerce for over a decade. They believe digital transformation and innovation can happen at any level of organisations. Accathons are an internal event to encourage innovation and out-of-the-box problem solving at the company. The current menternship calls on menterns to develop a fin-tech innovation for merchant banks.
Reserve Bank of India predicts that non-performing assets for Indian banks are likely to cross Rs 10 lakh crores in the financial year 2022-2023. The non-performing assets for a bank are primarily bad debts - these are loans which have not been repaid, and are likely to not be repaid. It is the task of a loan manager to assess the credit rating of loan applicants to ensure that there are no bad debts and most loans are repaid on time. Data science can create machine learning models to optimise this process and save the banking industry several crore rupees by making smarter loan decisions.
In this menternship, you will be challenged to use PostgresQL to create an automation system that generates a recommendation to approve or deny loan requests based on historical data of loan application and credit profiles of applicants.