Analytics breeds strategy
RAKBANK implements SAS analytics to drive marketing agenda
Discovering new ways to promote products and services to the market, can make all the difference between what is a successful enterprise and a floundering one. In the case of RAKBANK, the national bank of Ras Al Khaimah, achieving this goal in the present market demands a new approach to both its marketing strategy and service offerings. Understanding customers and their respective spending patterns, as well as capitalising on these insights, will likely become the key differentiator amongst competing financial institutions.
Considering the amount of data that needs to be processed however, the path towards realising this vision is achievable only through cutting-edge technology, particularly with analytics. Building upon an existing partnership with SAS Institute, the bank has moved to introduce SAS Analytics into its IT infrastructure, a move that holds broad implications for its marketing capabilities.
“One of the main objectives of the modern business intelligence and analytics platform is to empower business users by providing statistics, analytics and information that will guide them and offer businesses the ability to create unique insights based on their customer’s behavioural pattern,” explains Sanjay Khanna, CIO, RAKBANK.
“SAS Analytics will provide information on customer spending patterns, demographic and behavioural aspects, which will help the bank address customer requirements better.”
RAKBANK’s partnership with SAS dates back to 2015, when the bank brought the analytics technology provider on board to implement its SAS Anti-Money Laundering (AML) system. Seeking a more robust, flexible and up-to-date software on the changing regulatory landscape, RAKBANK selected SAS AML, which the CIO describes as an “effective case management solution when transactions are coming in and on how anti-money laundering cases are identified.”
Equipped with ready-made scenarios right out of the box, the system also features an extensive knowledge base compiled from the company’s experience across a multitude of global deployments. It has proven a key factor in the platform’s attraction, as well as its rapid implementation process.
“Rather than sitting with the users, who are defining their own scenarios, SAS AML came with a set of scenarios which are already implemented in the other banks, in which a financial institution could bank could adapt to its own use and then tailor it,” explains Khanna.
Following the successful incorporation of SAS AML to its IT infrastructure in 2015, RANKBANK’s IT team shifted their focus towards identifying technologies that would aid in evolving the bank’s marketing and service capabilities.
Searching for a novel technological answer to their goal, the bank elected to make the move towards analytics, and given SAS’ proven track record in the arena, the decision was made to incorporate its SAS Guide and SAS Miner tools, opening up a whole plethora of possibilities for the financial institution.
“SAS Enterprise Guide is a data definition set of the data present and SAS Enterprise Miner basically uses the guide to mine the data and gain insights from that data,” explains the CIO who signed on with RAKBANK back in 2011.