Accenture to Enable Data-driven Reinvention for Union Bank of India

AI is pushing boundaries for organizations to derive richer insights from data. This is helping them become more agile, innovative, and customer-first.  Accenture in India has collaborated with Union Bank of India – to leverage AI, predictive analytics and machine learning to design and develop a scalable and secure enterprise data lake platform for the public sector bank.

With advanced analytics and reporting capabilities, the platform will leverage structured and unstructured data from the bank as well as from external sources to generate business-relevant insights. This will help Union Bank offer improved personalization for customers and boost fraud detection, prevention, and mitigation.

The program will enable employees to have access to business intelligence that can enhance customer service and operational agility across the bank’s branches, contact centers and digital channels. This will positively impact its business portfolio including corporate, retail, and MSMEs banking, across functions like risk management, treasury, customer service and operations, among others.

This collaboration will enable Union Bank to shape its growth journey and evolve into a digitally forward bank with next-generation banking services. Read More: TOI | ET | The Hindu; Engage

News & Views

How Generative AI can Increase Banks’ Revenues and Employee Productivity

Banks that rapidly scale generative AI across their organizations could increase their revenues by up to 600 bps in three years, according to an Accenture research. The survey of more than 150 large banks globally—including public and private sector banks in India—reveals generative AI could also help banks increase employee productivity by up to 30%, raise operating income by around 20%, improve return on equity levels by 300 bps, increase cost savings by 1%-2% and help cost-to-income ratios decline by up to 400 bps. Manoj Singodia, Managing Director and Lead – Financial Services, Accenture in India, said, “To unlock generative AI's full potential, banks in India need to adopt a holistic and long-term strategy such that it integrates into their value chains.” Read More: ET BFSI | Business Standard | Moneycontrol

Accenture Report: How Can Banks Reinvent in the Age of Generative AI

Generative AI is not going to rewrite the fundamental business of banking. But it is going to change how that business gets done. Accenture’s latest banking report on generative AI highlights how banks are ready to leverage Gen AI to scale use cases and capture value. Not only can it improve employee experience but also ensure superior customer experience and boost revenue.  In the report, we have identified five imperatives that banks should address to reinvent in the age of generative AI. Read More

Reinventing the BFSI space with Generative AI

There is a massive opportunity for Indian banks to leverage generative AI across its functions. At the recent Mint Annual BFSI Summit & Awards in Mumbai, Pranav Arora, Managing Director and Lead – AI, Accenture in India, spoke at a session on ‘AI and the Banking Stack.’ The spotlight of the panel was on the need for Indian banks to fully leverage AI in order to improve customer experience and unlock new levels of efficiencies in the sector. Other panelists included C-Suite members from IndusInd Bank, Kotak Mahindra, and HDFC Bank. Read More 

Why Banks should Tap into the Human + AI Experience

Generative AI has evolved into a massive opportunity for banks to reinvent their customer and employee experiences, and, in turn, the industry itself. In a recent podcast with The Economist, Ujjwal Jyoti, Managing Director – Financial Services, Accenture in India, shares critical insights into why banks need to leverage the transformative potential of technologies like AI, generative AI, Metaverse, NFTs, etc. – along with adding a human touch to their services – as he engages with Santanu Bhattacharya, Chief Technologist for Data and Analytics at the NatWest Group. Listen In

What are the Top 10 Banking Trends of 2024?

A rapid adoption of generative AI is the most important trend for banks in 2024—according to recent research by Accenture. Accenture’s analysis of operational efficiency indicates a potential of generative AI to boost banks’ productivity by 22-30%. In order to achieve that, banks will need to utilize cloud and data effectively, also rethink work and talent. Other key trends highlighted in the report include AI-led customer excellence, new unchartered risks, a human + machine approach to working, the role of generative AI in scenario planning and personalized pricing, and so on. Read More

Accenture is ready to help as you begin to re-imagine your business. If you’d like to know more about how we can partner with you in your Reinvention journey, please feel free to contact us.

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