Advanced Analytics Fuels Virtual Banking with Data-driven Decisions
Airstar Bank leverages SAS analytics solutions for holistic intelligent decisioning.
virtual banking in Hong Kong
While the banking and financial services industry in Hong Kong has hastened digital transformation and reimagined its business model during the unprecedented COVID-19 pandemic, the “new normal” has also accelerated the growth of the new virtual banking model for end-to-end, customer-centric and data-driven digitalization.
Airstar Bank has deployed SAS analytics solutions since licensing, for risk-based customer due diligence and real-time AML detection, as well as comprehensive credit risk management, throughout the complete customer lifecycle.
“In building a full-featured virtual bank from scratch, it is encouraging that Airstar Bank has become fully operational in just 13 months. SAS analytics solutions empower the Bank in the entire customer onboarding journey to conduct transaction monitoring and transparent customer intelligence for suspicious fraud and money laundering activities, as well as credit scoring making smart decisions based on available data,” said Mr KF Lam, Chief Compliance Officer, Airstar Bank. “With SAS as our reliable partner, we are resolute in delivering a VIP experience to every customer using emerging financial technologies and innovative solutions.”
With SAS as our reliable partner, we are resolute in delivering a VIP experience to every customer using emerging financial technologies and innovative solutions. KF Lam Chief Compliance Officer Airstar Bank
Integrated credit scoring expedites customer onboarding with “Know Your Customer” compliance
Powered by integrated data extraction, mapping and loading capabilities, SAS analytics solutions enable Airstar Bank to create data sets, derive variables and manage differentiated scorecards for all lending products. These provide the Bank with an end-to-end understanding of each customer for better service personalization and to help facilitate product upselling.
Also, the solutions perform continuous transaction monitoring for comprehensive coverage of suspicious activities and generate regulatory reports to the Hong Kong Monetary Authority when illicit activities and security threats are detected.
With all banking services being virtual, customer due diligence is vital for “Know Your Customer” to eliminate potential fraud and money laundering crimes. SAS analytics solutions streamline due diligence investigations and rate the Bank’s new customers as well as updating customer scoring based on key events that could affect the overall risk of the relationship.
Airstar Bank – Facts
The timely response of SAS helps guard against potential risks and enhance customer experience
“The close collaboration and open communication between Airstar Bank and the SAS project team was one of the contributing factors leading to the successful launch of the Bank’s pilot scheme and the smooth delivery of full operations. We appreciate the timely advice and prompt response of the SAS project team to resolve issues along the way,” said Mr KF Lam.
Next-generation virtual banking with intelligent decisioning
With an increasing competition between virtual banks in the market, a holistic digital customer experience is gaining greater significance in the game. It is foreseeable that virtual banks will progressively place more emphasis on innovative technologies, like artificial intelligence and advanced analytics, to help maximize their digital capacity for providing a seamless customer experience.
“We can see tremendous opportunities ahead in virtual banking, and making intelligent decisions based on trusted technologies and domain expertise, and immediate data will keep us moving forward,” said Mr Steve Shum, Alternate Chief Executive and Chief Information Officer, Airstar Bank.