Is SAS software for finance what the financial industry needs
If you have been keeping up with the news, then you would notice that the finance industry is going through a rough period because of the shutdown The finance industry needs to react quickly,
, channeling resources into different sectors and taking on new business models. Some businesses have been able to do that, while others have struggled. Analytics capabilities like SAS software for finance have proven to be the difference-maker for and between companies that have been able to adapt and those who have struggled.
The finance industry in the wake of COVID-19
As you may know, SAS software for finance has been used to tighten financial operations and better predict risks. Organizations will certainly need these capabilities, but what more can SAS experts do to meet client needs? To answer that question, It’s worth looking at what the finance industry is currently undergoing.
Be it the stock market or banking sector, the finance industry has seen massive losses across the board. For example, the pandemic has wiped out $5 trillion from global stocks, with the FTSE, Nikkei, and Wall Street all recording losses.
Banking has also been hit hard by the virus with businesses and consumers alike unable to meet their loan payments. Banking centers have been closed down, and this has put pressure on other channels of communication with customers. Furthermore, with employees forced to work from home, any administrative processes that relied on paper have to be done online, putting a strain on infrastructure. On top of adjusting their normal operations, banks are also expected to play a massive role in support during this time given that businesses need financial assistance to keep their doors open, and banks are expected to provide that assistance. This creates a situation where there will be more cash going out than cash coming in, especially as more and more people turn to their savings.
In fact, some industry funds here in Australia asked the government for a backstop amid fears of excessive withdrawals. Other sectors have been hit hard as well – private equity firms are looking to amend limited partner agreements with investors and stock markets around the world are losing a tremendous amount of cash.
How can SAS software for finance help?
Given the immense challenge the financial industry faces, SAS software for finance could be what the industry needs to overcome these challenges. To adapt to the current situation, financial institutions need a system that allows them to operate with more agility and identify new opportunities in this rather uncertain landscape – SAS software for finance, in particular, can assist businesses in these areas. With the pandemic, financial institutions face a lot of risks. For example, there are fraud risks, cyber risks, and reputation risks that could cause further damage to the bottom line, and SAS software for finance can help finance organizations combat these problems.
SAS software has always been used to create risk models, which provide financial institutions in-depth insight into all areas of potential risk, like mortgage payments. As SAS experts, it may be necessary to devise and optimize risk models to help financial organizations navigate these tough times. There is also the issue of planning for the future, given that most financial organizations need insight into how the industry will evolve over time. While we are still in the early phases of dealing with the virus, it’s safe to say that no industry is going to walk away from this unscathed. Industries are going to change, and finance organizations need to have a better understanding of how the situation will play out with predictive analytics capabilities.
This is where SAS software with finance can be helpful. By using predictive analytics, businesses can use the insights generated to discover the best path forward for their business. Analytics platforms, like SAS software, can help in the decision-making process that is vital, – this is where extended SAS professionals, like the team here at Selerity, can provide the most value to clients in this industry.