Accenture banks collaborations with CBD and Vocatus

Stock image of blue banking/automation | Accenture and CBD

Accenture has entered into a strategic agreement with the Commercial Bank of Dubai (CBD) to drive its technology transformation program and enhance its banking services to personal and business customers.

Accenture will set up a development center of excellence (CoE) to optimize CBD’s IT platform and incorporate technologies to enhance the customer experience. Powered by hyper automation and GenAI solutions, the CoE will augment CBD’s IT efficiency and productivity across the software development lifecycle.

Additionally, Accenture is set to provide CBD with high-quality resources, best practices developed over decades of similar programs and a commitment to value realization to collaborate seamlessly with its team.

David Parker, global financial services industry practices chair of Accenture, said: “The banking industry is changing profoundly and banks, more than anything, need to innovate at speed and scale.

“Technologies like AI and cloud can help enormously to improve the agility, resilience and operational efficiency that give them a true competitive advantage. Our collaboration with CBD will draw on the full breadth of Accenture’s capabilities and expertise throughout our global network.”

Ali Imran, chief operating officer of CBD, said: “At CBD, we are focused on leveraging our DNA of innovation to augment user experiences with digital platforms. This agreement will further accelerate our digital aspirations to operate more effectively and deliver tailored services to our customers using the next generation of emerging technologies.”

In addition to this, Accenture announced that it has entered into an agreement to acquire management consultancy, Vocatus, which uses behavioral economics modeling to develop pricing strategies and sales concepts for B2B and B2C models.

This acquisition boosts Accenture’s offerings for clients in Europe with greater modeling capabilities for identifying price levels, sales optimization and communicating with customers through behavioral effects that predict decision-making.

The CBD is not the only bank Accenture has partnered with recently. Announced earlier this month, Accenture and the Union Bank of India unveiled a collaboration to design and develop a scalable and secure enterprise data lake platform with advanced AI and reporting capabilities.