Union Bank Collaborates with Accenture for Data Lake Project

Union Bank of India has collaborated with Accenture to create and develop new capabilities for data consolidation and usage in analytics, customer insights, and decision-making utilising artificial intelligence and machine learning models.

Accenture will assist the Bank in designing and developing

According to a bank statement, Accenture will assist the Bank in designing and developing a scalable and secure enterprise data lake platform with advanced analytics and reporting capabilities. An enterprise data lake platform is a comprehensive and adaptable system for organising and deriving insights from various datasets within a company.

"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," the company said in a statement.

Bank will make wise decisions and discover new chances to produce value from data

Smart business solutions can assist employees in improving their customer service and make things flow more smoothly in the Bank's branches, call centres, and online services. This will help the Bank make wise decisions and discover new chances to produce value from data. These changes will impact various sectors of the Bank, including corporate, retail, and small business banking, as well as risk management, money management, customer service, and day-to-day operations.

This collaboration with Accenture is an essential step

"We see tremendous value in data if we use advanced analytics and AI to form meaningful customer relationships, improve employee productivity, and achieve profitable growth." This collaboration with Accenture is an essential step towards our aim of being a data-driven, digitally ahead Bank that supports the next generation of financial services," said A. Mamimekhalai, MD of Union Bank of India.

Accenture will collaborate with Union Bank of India to develop new AI and machine learning models that will aid in generating actionable insights for improved business forecasting, facilitating personalised offers for customers, and providing intelligence for fraud detection, prevention, and mitigation.