Accenture teams up with Union Bank of India on AI
MUMBAI, INDIA — Global professional services company Accenture is collaborating with Union Bank of India to develop an enterprise data lake platform aimed at improving the bank’s operational efficiency and ability to provide customer-centric services.
Accenture will assist in building artificial intelligence (AI) and machine learning models to provide actionable insights for business forecasting, personalized customer offers, and enhanced fraud detection.
The program will allow Union Bank to build interactive dashboards and robust visualization capabilities to be used for business, operational, and regulatory reporting.
“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,” said Union Bank MD & CEO Arumugam Manimekhalai.
Meanwhile, 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.
The Mumbai-headquartered public sector bank, established in 1919, will be positioned to make data-driven decisions and unlock new value creation opportunities across business lines including corporate, retail, and micro, small, and medium enterprises (MSME) banking.
Bank employees across branches, contact centers, and digital channels will also gain access to intelligence to enhance customer service and operational agility.
Accenture topped the Time Doctor OA500, an index of the world’s top 500 outsourcing firms, with $61.6 billion in annual revenues for fiscal year 2022.
This year alone, Accenture has expanded its portfolio through 30 strategic acquisitions, including Bionest in the United States, SKS Group in Germany, Morphus in Ireland, and Nautilus Consulting in the United Kingdom​.
