BANGALORE: 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.   

To deliver faster, insight-driven decision making, Accenture’s analytics applications can be customized for specific users – ranging from business executives to data scientists – and tailored with a company’s specific workflow process to solve a specific business problem. Through this individualized approach, users can increase their confidence in the advanced analytics insights and pursue data-driven actions for their company.  

“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.”

 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.

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