Application Funnel Analysis
Group Project
Background
Regarding significant growth of applicants with high-risk status, CrediU is concerned if this condition affects the performance of the credit application process (application funnel), because currently CrediU only uses a simple system (first come-first serve). So, CrediU wants to make a more effective and efficient application funnel
Objective
1. To analyze and evaluate the current application funnel performance
2. Applicant growth difference between each risk status and their impact (applicant's behavior on their application process and their impact on the assessment process in each funnel that is done by agents (staffing or scheduling)
Scope of Work
Analytical and strategic team: data visualization using looker studio and tableau
Methodology
Data preparation: data observation, data gathering
Data analysis: exploratory data analysis
Tools
SQL, Looker Studio, Tableau
Important Link
Result
Current Application Funnel of CrediU
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In the current application funnel, there is a huge number of applications dropped in document Verifications. There are 46990 applications dropped at this stage or 36.3%. from intial stage or 47.67% from previous stage
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CrediU still does the docs verifications, PVE & PVA verification manually.
Total Applicants in Each Stage of Application Funnel
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Total applications and forms submitted increase in each quarter. But the number of applications is so much dropping in docs verification.
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After Q1 2022, the number of applications in docs verified, PVE, PVA verified, Pass credit score, and loan disbursed tend to decrease.
Success rate to get The Loan per Quarter
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The success rate to gate the loan shows that our application funnel is quite good to filter bad applications, because the success rate of low-risk and medium-risk applications is bigger than the high-risk applications.
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But CrediU still can make it more effective to increase success rate to get the loan for lower-risk and medium-risk applications.
Document Verification Hour for Each Cluster
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About 56% of high-risk applicant's doc verification is done before lunchtime, and the rest is after lunchtime (12.00)
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About 41.5 % medium-risk applicant's doc verification is done before lunchtime.
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About 35.6% low-risk applicant's doc verification is done before lunchtime
PVAVerification Hour for Each Cluster
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About 87.6% of high-risk applicant's PVA verification is done after 15.00 till 20.00.
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About 86.4 % medium-risk applicant's PVA verification is done after 15.00 till 20.00.
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About 86.7% low-risk applicant's PVA verification is done after 15.00 till 20.00
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CrediU needs to reschedule the agent working hour.
Insights and Recommendations
