Credit Risk Prediction Based on Psychometric Data
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Abstract
In today’s financial landscape, traditional banking institutions rely extensively on customers’ historical financial data to evaluate their eligibility for loan approvals. While these decision support systems offer predictive accuracy for established customers, they overlook a crucial demographic: individuals without a financial history. To address this gap, our study presents a methodology for a decision support system that is intended to assist in determining credit risk. Rather than solely focusing on past financial records, our methodology assesses customer credibility by generating credit risk scores derived from psychometric test results. Utilizing machine learning algorithms, we model customer credibility through multidimensional metrics such as character traits and attitudes toward money management. Preliminary results from our prototype testing indicate that this innovative approach holds promise for accurate risk assessment.
| Reference Key |
duman2023credit
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|---|---|
| Authors | Duman, Eren; Aktas, Mehmet S.; Yahsi, Ezgi |
| Journal | computers |
| Year | 2023 |
| DOI |
10.3390/computers12120248
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| URL | |
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