Capitalizing on this demand is SAS, a US analytics software firm that has been providing banks with high-powered analytics capabilities to help them provide more personalized services to their clients.
One example is South Korea’s NongHyup Bank, one of the country’s largest lenders with more than $250 billion in assets. It has been using visual data mining and machine learning capabilities offered by the SAS Viya platform to build a customer big data portal providing a comprehensive view of each customer.
The portal supports both structured and unstructured data, enabling the bank to run a variety of visual reports that provide analytical insights into both individual and enterprise clients. And such data is used to make financial product or service recommendations to customers, according to SAS.
“In creating this portal to better understand customers, we’ve provided each banker access to the same analytical insights as a data scientist in our organization,” NH Bank’s digital strategy department said in a statement.
“Working with SAS and its machine learning capabilities provided us speed and scale to deliver this huge digital transformation project in just six months,” it said.
Other major adopters of SAS Viya in the financial services sector include Danish Danske Bank, Seacoast Bank, Compania de Financiamiento Tuya and Millennium Banco Comercial Portugues, according to SAS.
By Sohn Ji-young (email@example.com)