Union Bank of India has tapped Accenture to provide a scalable and secure enterprise data lake platform with advanced analytics and reporting capabilities.

This programme will boost the bank’s operational efficiency and enhance its ability to offer customer-centric banking services and manage risk, the state-run bank said in an official statement.

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, it further said.

The platform will enable the bank to develop robust data visualisation and reporting capabilities including interactive dashboards and reports for business, operational and regulatory purposes. 

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

The bank staff will be able to make informed decisions and identify new data-led opportunities for value creation. These changes will have an impact across the bank’s 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.

Said Union Bank of India managing director and CEO A Manimekhalai, “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.”

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 personalised offers for customers and enable intelligence for fraud detection, prevention and mitigation.

Said Sandeep Dutta, senior MD and Lead - India Business, Accenture, “The democratisation 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.”