By Rob Starr, Content Manager, Big4.com
Accenture (NYSE: ACN) has come out with seven advanced analytics applications designed for the financial services industry. They include offerings for the banking and insurance companies and are designed to simplify analytics decision-making . Edwin Van der Ouderaa, managing director, Financial Services — EALA, Accenture Digital, provided an overview of the new products that are configured through The Accenture Analytics Applications Platform.
- Can you supply a quick overview of the origins of the seven advanced analytics applications recently released by Accenture?
Today, many financial services firms are seeking greater value from their data and are applying analytics to uncover opportunities for their business and customers. To help the financial services industry, including banks and insurance companies, realize this value quicker, Accenture launched seven advanced analytics applications to place insight into users fingertips, enabling quicker data-driven decisions that can benefit the business. For instance, the new applications are designed to help the financial services industry to improve customer experience and retention, increase sales, simplify the credit scoring process, and reduce costs associated with claims fraud.
- Who are they designed for and why?
The scope of analytics has changed and its user base is broadening – so long are the days where it only sits in IT and is only touched by data specialized roles. Recognizing this shift, Accenture’s advanced analytics applications for the financial services industry can be customized for specific users within a bank or insurance company – ranging from the Chief Risk officer to bank manager to data scientist. The applications are also tailored with a company’s specific workflow process to solve a specific business problem. This tailored approach can increase a user’s confidence in the analytics insights and support data-driven company changes.
- What are they designed to do?
The analytics applications are designed to simplify the analytics decision-making process for the financial services industry and support a variety of key areas, including sales, customer experience, and cost reduction. Following are the details for each newly launched application: Applications for financial institutions and Insurance companies
- 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 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.
Applications for financial institutions
- 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 the 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 – Automates the loan credit loss reserve calculation
process under a controlled environment, creating a streamlined loss reserve estimation process.
Applications for insurance companies
- 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.
- How do they work?
The new financial services applications are developed through the Accenture Analytics Applications Platform. Launched in May 2015, the platform facilitates the agile development of these easy-to-use turnkey advanced analytics applications. To date, Accenture has 22 advanced analytics applications available for the retail, financial services, utilities and telecommunications industries. As all companies have unique and changing needs, the platform can fully configure the advanced analytics applications with their specific operational workflow process and specific user requirements – for example, less data granularity for business users and more granularity for data scientists. Depending on how much customization is needed, applications can be ready for use in approximately one week to 60 days.
- Are there any other plans going forward?
Accenture is committed to helping companies turn data into a strategic asset and realize the promise of analytics, whether it be reinventing their business, entering new markets, and/or discovering new ways to monetize their data. As such, Accenture Analytics continues to expand its analytics capabilities to bring clients solutions that can meet their new and changing business needs.