Accenture has launched seven advanced analytics apps that enable financial services institutions (FSIs) to easily use analytics for decision-making.
According to the consulting firm, the new apps aim to help FSIs improve customer experience and retention, increase sales, simplify the credit scoring process, and reduce costs associated with claims fraud.
Configured through the Accenture Analytics Applications Platform, the apps can be customised for specific users - be it business executives or data scientists - and with a company's specific workflow process to solve a specific business problem.
"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," said Narendra Mulani, senior managing director of Accenture Analytics, part of Accenture Digital.
"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 minimised risk can be realised," he added.
Following are the new apps:
- Customer Churn Management: Detects early signs of customer defection by analysing 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 analysing 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 the best product for each customer, based on the probability of purchase and profitability of the product itself.
- Wealth Advisory Toolkit: Generates a prioritised 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.
- Claims Fraud: Simplifies the investigation and identification claims fraud process by using predictive modelling to assess insurance risk factors and reduce costs connected to fraud.
"Since many FSIs are involved in analytics projects today, [we hope that the new apps will enable them to gain] continuous value and opportunities from their data," said Mulani.
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