Banking on analytics
Around the globe, banks are taking fraud, risk and unwieldy data in hand — saving millions in the process
Today's financial institutions have their hands full. They're working hard to attract new customers, keep current customers happy, and at the same time consolidate financial processes, streamline reporting, manage risk and fight fraud. One compelling point in their favor: analytics. Read on to see how banks around the world are applying analytics to manage the mountain of data, reduce fraud losses, improve financial performance and save millions by better assessing portfolio risk.
In Europe: Viseca Card Services reduces fraud loss with SAS®.
Explosive growth in online shopping has sparked a flood of credit card fraud. Switzerland's largest credit card company, with 1 million cards, now uses advanced SAS Analytics and data mining to stop the cheating and improve its bottom line. Viseca Card Services has reduced losses due to fraud by 15 percent a record few credit card companies can match. Read the full story.
In Asia: EON Bank Group looks to SAS¨ for transparent, efficient financial management.
Using SAS, EON Bank employees are now able to access and integrate data automatically from disparate operational, budget, performance planning and cost accounting systems. "SAS consolidates information to deliver a 360-degree view of our group's performance," says Yap Yong Hoon, Head of Performance Measurement Management Reporting/Budget. "It instantly transforms information into insights that help drive better-informed decision making," says Yap. Read the full story.
In the US: Wescom Credit Union forecasts potential portfolio losses to save millions.
Wescom serves more than 275,000 members and has more than $2.5 billion in assets. This nonprofit, member-owned California-based institution has weathered the industrywide tough times. "You have to know far more about so many facets of your business," says David Gumpert-Hersh, Wescom's Vice President of Credit Risk. "SAS is helping us achieve this, enabling us to forecast five years ahead and mitigate loan losses." Read the full story.