Union Bank of India partners with Accenture for data-driven transformation

IT services and consulting company Accenture has collaborated with the Union Bank of India, a public sector bank, to create a secure and scalable enterprise data lake platform. This platform, equipped with advanced analytics and reporting capabilities, aims to enhance the bank's operational efficiency and improve its ability to provide customer-centric banking services while managing risks. 

As per the company, the collaboration aims at utilising predictive analytics, machine learning, and artificial intelligence, the platform will harness both structured and unstructured data from the bank and external sources. The goal is to generate valuable business insights, empowering the bank to develop robust data visualization and reporting tools, including interactive dashboards and reports for business, operational, and regulatory needs. 

Employees across the bank's branches, contact centres, and digital channels will benefit from enhanced business intelligence, fostering improved customer service and operational agility. The initiative will empower the bank to make informed decisions, identifying new data-driven opportunities for value creation across corporate, retail, and micro, small, and medium enterprises (MSMEs) banking, as well as functions like risk management, treasury, customer service, and operations, the company said. 

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.” 

The IT firm will also collaborate with the Union Bank of India to develop new AI and machine learning models. These models will facilitate actionable insights for improved business forecasting, enable personalised offers for customers, and enhance intelligence for fraud detection, prevention, and mitigation. 

Sandeep Dutta, Senior Managing Director and Lead — India Business, Accenture said, “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.” 

In addition to this collaboration, Accenture recently announced its partnership with the Finnish Defence Forces on December 4. The collaboration aims to digitally transform the existing legacy ERP system, focusing on improving user experience, system performance, and delivering advanced reporting and analytics capabilities. The transformation program will include the deployment of a new ERP system on the SAP S/4HANA Defence & Security solution.