Emirates NBD bank has deployed SAS analytics platform to automate the credit decision making process.
With over 90% of all financial transactions and requests conducted outside of its branches, risk management has become ever-more fundamental to the successful operation of the bank. In light of this, Emirates NBD required a technology solution that would help to quickly and accurately make credit decisions, enabling the bank to maintain acceptable levels of risk exposure.
While Emirates NBD had already implemented more than 30 mature analytics score cards that supported credit decisions, significant amount of time in the process was spent on human actions before making the final decision. The bank wanted to scale up its level of business which corresponded to the speed of decision-making – but not to waste resources through having to hire unnecessary numbers of staff.
Additionally, rejected credit applications took a long cycle to be re-adjusted and get approved again, which led to lost business opportunity as well as competitive disadvantage.
With the SAS platform, decision making is now almost instantaneous – once the data entry is completed, the platform can get to a decision within an average of two minutes. The improved turnaround provides a far better experience for both Emirates NBD customers, and the bank’s network of channel partners.
Since implementing the SAS DMS platform, Emirates NBD has already seen some dramatic improvements in key metrics: “bad rates” have been reduced 30%, the underwriting effort has been cut by 67%, and the time to decision has been lowered by 80%.
The SAS platform also provides Emirates NBD with a robust framework to shorten the turnaround time and the flexibility to create policy rules, configure credit bureau reports and fraud rule, and most importantly, become agile by making decisions at the speed of business.
AI-driven counter offer generation
Today, with the help of the SAS Platform, Emirates NBD can offer customers a choice of alternative products and options. If the original product requested is not something the bank can provide based on the assessment, they can provide alternatives for the customer, further strengthening their competitive differentiation.
Emirates NBD is now in the process of implementing the SAS DMS platform across its entire range of products, and the bank is looking at ways in which it can enhance the platform, such as greater use of artificial intelligence (AI).
Marcel Yammine, general manager, Gulf & Emerging Markets at SAS Middle East said, “SAS is pleased to have partnered with Emirates NBD who has been leading the frontlines of innovation and transformation in the banking sector. Building on our longstanding relationship, we aim to help the bank achieve its digital vision, scale its business backed by data-driven decisions and ensure customer satisfaction by leveraging our industry leading analytics platform and expertise.”