Accenture has introduced a new cloud-based data analytics utility to help the US banks to better manage and enhance their risk-management and other activities cost-effectively.

The new solution ‘Accenture Financial Crime Analytics Utility’ has been developed in collaboration with the Mid-Sized Bank Coalition of America (MBCA).

Currently, it focuses on risk-management capabilities including anti-money-laundering (AML) compliance. It will be expanded to run analytics-intensive operations for other banking functions including cybersecurity and third-party risk management.

Accenture managing director in banking practice Scott Nathan said: “Our new utility helps level the playing field for mid-size banks, enabling them to leverage analytics at scale and apply data-driven insights as only larger banks previously could.

“Clients can take advantage of the most advanced analytics as a fully supported service to transform their data into actionable insights to improve performance and outcomes – and compete more effectively in today’s digital world.”

As complying with financial crime regulations can be expensive, Accenture’s new utility will enable banks to cost-effectively source and share the right intelligence to make informed decisions on these regulations including Bank Secrecy Act.

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Besides enabling the banks to upload their data to a secure platform to achieve benefits of scale, the analytics utility provides access to an application store and data marketplace that provides analytics tools, data models, reports and application program interfaces (APIs).

The utility exhibits a flexible architecture to allow non-competitive data set sharing and enables future coordination with the Financial Crimes Enforcement Network’s FinCEN Exchange.

It is claimed that the solution will increase productivity of participating banks by providing deeper analytics-driven insights. It also will also eliminate dependence on third-party software and system changes.