How analytics can help the BFSI industry?

MUMBAI, INDIA: Accenture has launched seven advanced analytics applications for the banking, financial services and insurance (BFSI) industry.

Configured through the Accenture Analytics Applications Platform, the new advanced analytics applications are designed to help the segment improve customer experience and retention, increase sales, simplify the credit scoring process, and reduce costs associated with claims fraud.

The applications can be customized for business executives, data scientists, and can be tailored with a company’s specific workflow process to solve a specific business problem.

For the services industry, the company has developed the following applications:

• Customer churn management: The application 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: This application 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 to increase cross-selling, retention and marginality.

• Next best–allows marketing professionals to identify for each customer, the best product to suggest based on the probability of purchase and profitability of the product itself.

The analytics applications for the financial institutions include:

• Wealth advisory toolkit: It 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: This helps to manage end-to-end development of credit acceptance models by enhancing scoring grid creation and bridging the gap between model training and execution, in batch and real-time.

• Allowance for loan and lease losses: This application automates the loan credit loss reserve calculation process under a controlled environment, creating a streamlined loss reserve estimation process.

The company has also developed an application for the insurance companies. Named Claims fraud, the application 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, Accenture Analytics, part of Accenture Digital.

“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 revenues, improved capital efficiencies and minimized risk can be realized.”