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Which financial institution has partnered with Accenture to create a scalable and secure enterprise data lake platform, aiming to enhance its operational efficiency?
  • a)
    Bank of Baroda
  • b)
    Indian Overseas Bank
  • c)
    Union Bank of India
  • d)
    Karnataka Bank
Correct answer is option 'C'. Can you explain this answer?
Verified Answer
Which financial institution has partnered with Accenture to create a s...
Union Bank of India has collaborated with Accenture to design and develop a scalable and secure enterprise data lake platform to boost its operational efficiency. This will also enhance its ability to offer customer-centric banking services and manage risk.
Accenture will work with the Bank to build new Al and machine learning models that can help generate actionable insights for improved business forecasting, facilitate personalized offers for customers and enable intelligence for fraud detection, prevention, and mitigation.
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Banking sector reforms in India were introduced in order to "improve" efficiency in the process of financial intermediation. It was expected that banks would take advantage of the changing operational environment and improve their performance. Towards this end, the Reserve Bank of India initiated a host of measures for the creation of a competitive environment. Deregulation of interest rates on both deposit and lending sides imparted freedom to banks to appropriate price their products and services. To compete effectively with non-banking entities, banks were permitted to undertake newer activities like investment banking, securities trading and insurance business.This was facilitated through amendments in the "relevant"acts which permitted PSBs to raise equity from the market up to threshold limit and also enabling the entry of new private and foreign banks. This changing face of banking led to an erosion of margins on traditional banking business, promoting banks to search for newer activities to"augment" their free incomes.At the same time, banks also needed to devote focused attention to operational efficiency in order to contain their transaction costs. Simultaneously with the deregulation measures prudential norms were instituted to strengthen the safety and soundness of the banking system. Recent internal empirical research found that over the period 1992-2003, there has been a discernible improvement in the efficiency of Indian banks. The increasing trend in efficiency has been fairly uniform, irrespective of the ownership pattern. The rate of such improvement has, however, not been sufficiently high. The analysis also"reveals" that PSBs and private sector banks in India did not differe significantly in terms of their efficiency measures. Foreign banks, on the other hand, recorded higher efficiency as compared with their Indian counterparts.Q.Banks can control their transaction costs by

Directions (Q.71-80) Read the following passage carefully and answer the questions given below it. Certain words have been printed in italic and Underline to help you to locate them while answering some of the questions.Banking sector reforms in India were introduced in order to "improve" efficiency in the process of financial intermediation. It was expected that banks would take advantage of the changing operational environment and improve their performance. Towards this end, the Reserve Bank of India initiated a host of measures for the creation of a competitive environment. Deregulation of interest rates on both deposit and lending sides imparted freedom to banks to appropriate price their products and services. To compete effectively with non-banking entities, banks were permitted to undertake newer activities like investment banking, securities trading and insurance business.This was facilitated through amendments in the "relevant"acts which permitted PSBs to raise equity from the market up to threshold limit and also enabling the entry of new private and foreign banks. This changing face of banking led to an erosion of margins on traditional banking business, promoting banks to search for newer activities to"augment" their free incomes.At the same time, banks also needed to devote focused attention to operational efficiency in order to contain their transaction costs. Simultaneously with the deregulation measures prudential norms were instituted to strengthen the safety and soundness of the banking system. Recent internal empirical research found that over the period 1992-2003, there has been a discernible improvement in the efficiency of Indian banks. The increasing trend in efficiency has been fairly uniform, irrespective of the ownership pattern. The rate of such improvement has, however, not been sufficiently high. The analysis also"reveals" that PSBs and private sector banks in India did not differe significantly in terms of their efficiency measures. Foreign banks, on the other hand, recorded higher efficiency as compared with their Indian counterparts.Q.Prudential norms were initiated in the banking sector with a view to

Which financial institution has partnered with Accenture to create a scalable and secure enterprise data lake platform, aiming to enhance its operational efficiency?a)Bank of Barodab)Indian Overseas Bankc)Union Bank of Indiad)Karnataka BankCorrect answer is option 'C'. Can you explain this answer?
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