Mumbai: Union Bank of India, a major public sector bank in India, is entering into a collaboration with Accenture (NYSE: ACN) to create a scalable and secure enterprise data lake platform. This platform, equipped with advanced analytics and reporting capabilities, aims to enhance the bank’s operational efficiency and improve its capacity to provide customer-centric banking services while effectively managing risks.
The initiative involves utilizing predictive analytics, machine learning, and artificial intelligence to harness both structured and unstructured data from internal and external sources. This approach will generate valuable business insights that can drive decision-making processes.
The program’s objectives include the development of robust data visualization and reporting capabilities, encompassing interactive dashboards and reports for business, operational, and regulatory purposes. By granting employees access to business intelligence tools, the bank intends to elevate customer service and operational agility across its branches, contact centers, and digital channels. Consequently, the bank anticipates making informed decisions and identifying new data-driven opportunities across its business segments, including corporate, retail, and micro, small, and medium enterprises (MSMEs) banking, as well as functions like risk management, treasury, customer service, and operations.
A. Manimekhalai, Managing Director and CEO of Union Bank of India, expressed, “Leveraging advanced analytics and AI, we see the potential to unlock tremendous value from data – to form meaningful customer relationships, enhance employee productivity, and achieve profitable growth. This collaboration with Accenture is a key step towards our goal to evolve into a data-driven and digitally forward bank that supports the next generation of banking services.”
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Accenture’s role in the collaboration involves working closely with the Union Bank of India to construct new AI and machine learning models. These models will be instrumental in generating actionable insights, improving business forecasting, facilitating personalized customer offers, and bolstering intelligence for fraud detection, prevention, and mitigation.
Sandeep Dutta, Senior Managing Director and Lead, India Business at Accenture, commented that the democratization of data-driven insights enabled by AI, generative AI, and analytics is crucial to fostering a culture of customer-centricity, agility, and innovation. “We look forward to working alongside the Union Bank of India to shape their growth journey,” asserted Dutta.
