CARY, N.C. — To revamp its internal credit scorecard program, Prestige Financial Services recently announced that it has chosen business analytics software and services company SAS for the job

Noting the reasoning behind the revamp, Steven Warnick, Prestige’s vice president of risk, said, “Our biggest challenge was the excessive amount of time spent associated with our manual internal credit scorecard creation.

“And, we of course, are always looking for ways to improve both the productiveness of our modeling, as well as the accuracy of our reporting,” he continued.

Utilizing the program SAS Enterprise Miner — which works to streamline the data mining process for businesses — “Prestige has enhanced the data mining process to create highly accurate predictive and descriptive models based on large volumes of data from across the enterprise,” the company explained.

Furthermore, with SAS Analytics Pro, the company contends it can now “better access, manipulate, analyze and present information, including accessing the data from virtually any source.”

Through its partnership with SAS, company officials claim it will save a considerable amount of time updating credit scorecards.

“We anticipate a 210-hour time savings with each update of our credit scorecard. We also expect to roll out behavioral scorecards in 2012,” said Warnick. “Combined, we expect the total time savings to equate to roughly $25,000 annually and predict a reduction in delinquency and default rates.
 
"With SAS, we have the confidence and precise analytics to test lines of business previously not considered," he concluded.