Union Bank of India branches out with Accenture

images of high rise buildings in Mumbai, Maharashtra, India | Union Bank of India and Accenture

Accenture has announced a collaboration with Union Bank of India, a public sector bank, to design and develop a scalable and secure enterprise data lake platform with advanced analytics and reporting capabilities.

Headquartered in Mumbai and first established in 1919, the Union Bank of India is one of the largest public sector banks in the country.

The data program will boost the bank’s operational efficiency and enhance its ability to offer customer-centric banking services and manage risk. Leveraging predictive analytics, ML and AI, this platform will use structured and unstructured data from within the bank and from external sources to generate insights.

With this program, the bank is expected to develop robust data visualization and reporting capabilities, including interactive dashboards and reports for business, operational and regulatory purposes.

Employees will also gain access to business intelligence to enhance customer service and operational agility across branches, contact centers and digital channels. Consequently, the bank will also be able to make informed decisions and identify new data-led opportunities for value creation. This will have an impact across its business portfolio which includes corporate, retail and micro, small and medium enterprises (MSMEs) banking as well as across functions such as risk management, treasury, customer service, operations and more.

Sandeep Dutta, senior managing director and lead of India Business, Accenture, said: “The democratization of data-driven insights enabled by AI, GenAI 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 its growth journey.”

A. Manimekhalai, managing director and 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.”