Accenture Launches Advanced Analytics for Financial Services
Accenture is launching several advanced analytics applications for the financial services industry.
Configured through the Accenture Analytics Applications Platform, the new advanced analytics applications are designed to help financial services companies improve customer experience and retention, increase sales, simplify the credit scoring process, and reduce costs associated with fraud.
The applications can be customized for specific users and workflow processes.
The advanced analytics applications are designed for the following:
- Customer Churn Management: Detects early signs of customer defection by analyzing customer information, such as transaction developments, cross-selling, or product expiration dates, and offers insight-driven customer retention actions.
- Customer Potential: Informs users how to retain high-value customers by analyzing the actual and potential value of their customer base and recommending data-driven marketing and sales actions.
- Next Best: Allows users to identify, for each customer, the best product to suggest based on the probability of purchase and profitability of the product itself.
- Wealth Advisory Toolkit: Generates a prioritized list of client-specific actions that a financial advisor can execute to enhance the client experience, deliver a consistent standard of care, and comply with regulatory requirements.
- Real Time Credit Decision: Helps manage credit acceptance models by enhancing scoring grid creation and bridging the gap between model training and execution.
- Allowance for Loan and Lease Losses: Automates the loan credit loss reserve calculation process under a controlled environment, creating a streamlined loss reserve estimation process.
- Claims Fraud: Simplifies the investigation and identification claims fraud process by using predictive modeling to assess insurance risk factors and reduce costs connected to fraud.
"Many financial services firms are involved in analytics projects today and are looking to drive more continuous value and opportunities from their data," said Narendra Mulani, senior managing director of Accenture Analytics, part of Accenture Digital, in a statement. "Through the use of tailored advanced analytics applications, companies can enable a variety of users to confidently make insight-driven decisions to solve their business issues. When an information-powered culture spreads throughout a company, the business can benefit as value in the form of increased revenue, improved capital efficiencies, and minimized risk can be realized."
Launched in May, the Accenture Analytics Applications Platform relies on technology gained in May 2014 through Accenture's acquisition of i4C Analytics.
"A main challenge businesses face with advanced analytics is how to present the insights in a way that enables users to make decisions that add value," Mulani said. "Through the Accenture Analytics Applications Platform, applications can be created to help specific users, including business users from analysts to the C-suite, solve specific problems. You don't need to be a data scientist to pursue data-driven company changes. When data is turned into an asset through analytics applications, positive transformations can be made for the business and customers alike."
Last week, Accenture announced a partnership with Pegasystems to help insurers improve multichannel cross-selling. That partnership led to the release of Accenture Customer Insights, a solution that combines Pegasystems' multichannel and product underwriting capabilities with Accenture's Duck Creek core policy solution in a single technology platform.