Cosmos Bank recently announced that it will use SAS (News - Alert) Visual Analytics to further consolidate its position within the consumer lending market by developing new products and services geared to both attract and retain customers. SAS solutions help the bank in analyzing big data to gather customer and risk intelligence and also to enable board members and risk managers to make informed decisions for optimizing the bank’s service offerings.
Cosmos Bank is a financial service provider and specializing in consumer finance products in Taiwan. In a statement, James Lin, EVP and Chief Risk Officer at Cosmos, said that, “SAS Visual Analytics is technologically accessible, powerful and affordable. We prefer to not enter a price war. Instead, we rely on data analysis to better understand customer behaviors and identify the business opportunities that make sense from a risk-return point of view. Our goal is to establish a close bond with customers for sustainable profits.”
Cosmos decided to use SAS’ high-performance solution to help it address the increasing volumes of customer and transactional data collected each day. The Visual Analytics offering from SAS will build on the current suite of solutions from SAS that the bank uses for supporting information management, data integration, and analytics.
Leveraging SAS Visual Analytics, decision making by bank executives will get optimized as the solution provides instant access to the latest data-based insights. If data processing is optimized, bank executives will have more time to create value. The integration of both corporate and consumer data will ensure real-time insights into improving risk management, customer development, product marketing and financial management.
SAS Visual Analytics has been developed to tackle big data via instant access to large stores of information which is coupled with fast mobile data analysis. Board members and risk managers of the bank will simply have to either click or drill into areas of interest to quickly generate and share reports and dashboards.
SAS solutions will also ensure that analysts of the bank benefit from a substantial reduction in the time spent for accessing data thereby allowing them to focus on projects that can prove to be beneficial to the bank.