Union Bank of India Joins Forces with Accenture to Propel Data-Driven Transformation

Union Bank of India, a prominent public sector bank in India, is partnering with Accenture to create a scalable and secure enterprise data lake platform equipped with advanced analytics and reporting features. This initiative aims to elevate the bank's operational efficiency, enabling improved provision of customer-centric banking services and enhanced risk management. Leveraging predictive analytics, machine learning, and artificial intelligence, the platform will harness both structured and unstructured data from internal and external sources to generate meaningful business insights.

This initiative will empower the bank to establish robust data visualization and reporting capabilities, encompassing interactive dashboards and reports designed for business, operational, and regulatory needs. Employees will gain access to business intelligence, enhancing customer service and operational agility across the bank's branches, contact centers, and digital channels. Consequently, the bank will be equipped to make well-informed decisions and discover new data-driven opportunities for value creation. The impact will extend across its business spectrum, spanning corporate, retail, and micro, small, and medium enterprises (MSMEs) banking, as well as various functions such as risk management, treasury, customer service, and operations.

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".