Indian public sector bank Union Bank of India recently said it is partnering with technology company Accenture to design and develop a scalable and secure enterprise data lake platform with advanced analytics and reporting capabilities.
Focused on boosting operational efficiency
According to the company's statement, the program will boost the bank’s operational efficiency and enhance its ability to offer customer-centric banking services and manage risk.
The platform will leverage structured and unstructured data from within the bank and external sources to generate business-relevant insights using predictive analytics, machine learning, and artificial intelligence, the release notes.
Building robust reporting capabilities
The program will enable the bank to develop robust data visualization and reporting capabilities, including interactive dashboards and reports for business, operational and regulatory purposes.
On the other hand, Employees will have access to business intelligence that can enhance customer service and operational agility across the bank’s branches, contact centers and digital channels.
This will help the bank to make informed decisions and identify new data-led opportunities for value creation. These will have an impact across its business portfolio including corporate, retail, and micro, small and medium enterprises (MSMEs) banking, and as well as across functions like risk management, treasury, customer service and operations, among others.
Enhancing employees' productivity
A. Manimekhalai, Managing Director & CEO, Union Bank of India said, “Leveraging advanced analytics and AI, we see 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.”
Building AI and ML models
Accenture said it will work with Union Bank of India to build new AI and machine learning models that can help generate actionable insights for improved business forecasting, facilitate personalized offers for customers and enable intelligence for fraud detection, prevention, and mitigation.
Sandeep Dutta, Senior Managing Director and Lead - India Business, Accenture said, “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 Union Bank of India to shape their growth journey.”
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