Union Bank of India Collaborates with Accenture to Accelerate Data-Driven Transformation

MUMBAI: Dec. 05, 2023 – Union Bank of India, a leading public sector bank in India is collaborating with Accenture (NYSE: ACN) to design and develop a scalable and secure enterprise data lake platform with advanced analytics and reporting capabilities. This program will boost the bank’s operational efficiency and enhance its ability to offer customer-centric banking services and manage risk.

Using predictive analytics, machine learning and artificial intelligence, this platform will leverage structured and unstructured data from within the bank as well as from external sources to generate business-relevant insights.

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. 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. As a result, the bank will be able 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.

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.”

Accenture 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.”