The Impact Of Westpac's Decision On Funding The Most Effective Data Mining Model

2261 Words Apr 13th, 2016 10 Pages
Introduction
This project proposal will set out to influence Westpac’s decision in funding the most effective data-mining model. This model will help to differentiate the financial institutions products in the current saturated market. Westpac must appeal to all demographics and it is extremely important to develop products for the growing generations. The model proposed will analyse the institutions current historical data to shed light on the risk of lending a loan to millennials. By discussing past studies and research, the report will analyse how others have struggled to deal with this exact problem. The data-mining model will follow the Cross Industry Process for Data Mining (CRISP-DM) Methodology to present the proposal. The document also includes a plan and timetable to highlight how doable this task will be.

1. Aims, Objectives and possible outcomes
1.1 Aims
The ultimate aim of this data model is the ability to predict the risk of a millennial adopting a new service from Westpac Groups financial brands. A data model will give the institution a strong edge over its competition. It will eliminate the hit or miss approach many companies use when developing and marketing new products by accurately identifying the potential customers.
1.2 Objectives
The fundamental reason businesses operate is to generate wealth for its shareholders. To do so, the institution has to obtain a larger portion of its target marker. Thus, the objective of this data model is to increase…
Open Document