From the course: The Data Science of Economics, Banking, and Finance

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Automated reviews for loan, credit, and job applications

Automated reviews for loan, credit, and job applications

From the course: The Data Science of Economics, Banking, and Finance

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Automated reviews for loan, credit, and job applications

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- [Instructor] Back in the old analog days before everything got digitized, applications for loans, for credit or jobs could involve an enormous amount of paperwork. Not only was it difficult and time consuming for applicants to assemble the papers, the people who had to process the applications could easily get overwhelmed. So not only would processing take a really long time, but there was an increased risk of errors or even taking a shortcut and making arbitrary potentially biased decisions. But more and more of our lives, including our work and financial lives, have become digitized, leading to some dramatic changes in the application process. Most importantly, the process has, as a whole, become much faster, sometimes with immediate feedback on applications, but it also comes with new risks and challenges. But first, let's talk about some of the potential benefits for both applicants and the people processing the applications. Now, in terms of applicants, one thing is it's easy…

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