SAS looks for opportunities in fin, healthcare sectors

MILAN: American analytics software major SAS is betting on rapid digitisation of the Indian economy and is looking for expanding business opportunities in financial and healthcare among other sectors.

In an interaction with ET, chief operating officer Oliver Schabenberger said the company was closely working with multiple industry stakeholders in India to help them implement advanced analytics and expand their scope of business. From allowing banks to make quick decisions on fraud detection, credit risk management and improving customer experience to allowing medical practitioners to use analytics to detect X-ray images, there are multiple projects that SAS is working on.

“We are applying deep learning techniques such as neural networks to predict fraudulent banking transactions and at the same time reducing ‘false positives’ that enables our clients to boost customer satisfaction, lower costs and protect revenues,” said Schabenberger, speaking on the sidelines of the recent SAS Analytics Experience conference in Milan.

At a time when data privacy is a heated topic for governments globally, Schabenberger said companies could undertake deep analytics while respecting privacy of their users’ data.

“Organisations need to introduce data governance standards for data collection to ensure legal processes for obtaining individual consent are complied with fully. The mechanism to comply with auditor requirements on providing adequate information regarding legally appropriate usage of personal data must be implemented,” he said. With India designing its own data protection laws and the Reserve Bank of India ordering payment firms to store payments data only locally, he said the debate between negative effects due to restriction on cross border data flow, and positives of lawful access of law enforcement agencies to private data is yet to be settled. “SAS believes that innovation through AI can continue to be a reality even when it operates within the contours of a data privacy framework,” he said.

(The writer was in Milan at the invitation of SAS)

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