Union Bank collaborates with Accenture to boost operational efficiency

Union Bank of India on Tuesday said it will be collaborating with Accenture to design and develop a scalable and secure enterprise data lake platform to boost its operational efficiency. This will also enhance its ability to offer customer-centric banking services and manage risk.

Accenture will work with the Bank to build new AI and machine learning models that can help generate actionable insights for improved business forecasting, facilitate personalised offers for customers and enable intelligence for fraud detection, prevention and mitigation.

The program will enable the public sector bank to develop robust data visualisation and reporting capabilities including interactive dashboards and reports for business, operational and regulatory purposes, per the Bank’s statement.

“Employees will have access to business intelligence that can enhance customer service and operational agility across the bank’s branches, contact centres and digital channels.

“As a result, the bank will be able to make informed decisions and identify new data-led opportunities for value creation,” the Bank said.

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, it added.

A Manimekhalai, Managing Director and CEO, Union Bank of India, said, “By 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.”