Accenture is launching seven advanced analytics applications for the financial services industry, including banking and insurance companies, to simplify analytics decision-making by placing insight at users’ fingertips.
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 claims 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.
The advanced analytics applications are designed 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.
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.
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.
Launched in May 2015, the Accenture Analytics Applications Platform facilitates the agile development of easy-to-use turnkey advanced analytics applications.