RiskTech Forum

Cosmos demystifies big data with SAS® for smarter risk, customer decisions

Posted: 6 November 2012  |  Source: SAS

Taiwan's Cosmos Bank chose SAS® Visual Analytics to gain an edge in the competitive consumer lending market. The largest issuer of cash cards in Taiwan, Cosmos uses SAS to design the right mix of products and services to attract new customers and retain loyal cardholders. With SAS, Cosmos analyzes big data for up-to-the-minute customer and risk intelligence and to help board members and risk managers make informed, timely decisions to maintain market leadership.

With high volumes of customer and transactional data accumulating every minute, Cosmos turned to the SAS high-performance solution with real-time discovery capabilities. SAS Visual Analytics complements the bank's current use of SAS for information management, data integration and analytics.

With SAS Visual Analytics, executives can make quicker, better decisions with instant access, via PC or tablet, to insights based on the latest data. Less time spent processing data means more time to create value from it. By integrating corporate and consumer data, bank executives gain real-time insights for risk management, customer development, product marketing and financial management.

To tackle big data, SAS Visual Analytics instantly accesses large stores of information along with fast, smart and mobile data analysis.

"SAS Visual Analytics is technologically accessible, powerful and affordable," said James Lin, Executive Vice President and Chief Risk Officer at Cosmos.

Simply by clicking or drilling into items of interest, Cosmos board members and risk managers can generate and share reports, dashboards and visualizations. For example, senior managers use SAS Visual Analytics to break out cash-card issuance by branch or sales representative.

"This is an era of visualization," said Lin. "We provide ranking officers and board members with eye-catching tables and charts, so they can quickly grasp the data's meaning and make informed decisions. If they want more details, they have immediate access to relevant tables or charts."

With SAS, Cosmos can reduce the time analysts spend accessing data for others, shifting their efforts to projects that create value for the bank. Also, processing and analyzing all transactions throughout the month provides a more accurate view of customer behavior, so Cosmos can extend better offers at more opportune times.

"We prefer to not enter a price war," said Lin. "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."

In addition to Cosmos, the US Internal Revenue Service, XL Group, SM Marketing Convergence and other enterprises have licensed SAS Visual Analytics to expose valuable insight from big data assets.