Accretive Technologies X-Act Predictive Analytics Solution Helps Banks Cut Costs

Posted by Valerie Driessen on May 22, 2013 in Optimal Enterprise | 0 comments

X-Act Utilizes Advanced Modeling and Analytics to Uncover Business Performance Issues and Recommend Strategic Cost Saving Actions

Costs have become a major concern for banks that need to adapt to a tougher regulatory landscape and improve shareholder returns amid uncertain economic conditions. Throughout the financial crisis many banks have been forced through numerous cost efficiencies, but are now reach­ing the laws of diminishing returns—or worse are beginning to see adverse effects on growth and profitability as a result of short­sighted cost cutting actions. In response to this pervasive and threatening problem, banks are using Accretive X-Act Predictive Analytics to achieve strategic and sustainable cost management—in a way that ultimately helps the bank ‘do more for less’.

X-Act is a cloud-based service that goes beyond the simple analytics offered by existing performance management software by incorporating highly accurate mathematical modeling and next generation prescriptive analytics. This allows banks to gain a unified view of the dynamic factors that drive cost base across disparate systems, processes and business units, compare themselves through robust competitive benchmarks to highlight alterna­tive ways of working, and identify strategic opportunities for cost management that have the potential to boost the bank’s flexibility, responsiveness and efficiency.

“Regulators are requiring banks to hold more capital against potential future losses, while shareholders are pressing for higher dividends at a time when a weak global economy has made revenue growth difficult for most banks,” said Dr. Nabil Abu el Ata, CEO of Accretive Technologies.  “To meet these demands—and create space within which to grow their margins and secure a real competitive advantage—banks are using X-Act to identify strategic opportunities for improved efficiency. With X-Act banks can now ask, ‘What is optimal?’ and create the action plan that will help them achieve it.”

X-Act consolidates data from diverse sources across the organization to provide a unified view of business performance with clear and immediate visibility into cost inefficiencies and dynamic factors that destabilize cost management programs. The findings and remedial recommendations are delivered to individuals empowered to act on the intelligence. Users are able to access key performance data tailored for their specific role, anytime, anywhere. This information, contained in the clear graphical displays, can be used to explore opportunities for im­proved efficiency and understand the future ramifications of cost reduction recommenda­tions before actions are taken.

As a lower cost and faster time-to-value alternative to typical performance management solutions that depend upon high priced and time intensive consulting services, X-Act cloud-based services are backed by a library containing over 7500 pre-built models and templates to help customers (even those without previous predictive analytics experience) quickly achieve demonstrable value within in as little as 8 to 10 weeks.

Dennis Drogseth, Enterprise Management Associates VP who earlier reported on Accretive’s X-Act Platform stated, “The X-Act Platform continues to evolve and gain critical mass in deployments, and its value will become more apparent to financial institutions seeking cost cutting measures through a truly unified approach to business transformation.”

Today more than 20 banks—including 4 of the largest global banks and the world leader— use Accretive’s products and advisory services to uncover strategic business opportunities and improve performance. To learn more about Accretive and how X-Act helps banks manage costs, download the white paper “How Predictive Analytics Help Drive Strategic Cost Efficiency Gains” at http://acrtek.com/download-banking-cost-management-report.html.

About Accretive Technologies
Accretive Technologies Inc. offers highly accurate predictive and prescriptive business analytic capabilities to help organizations thrive in the face of increasing pressures to innovate, contain costs and grow. By leveraging the power of Accretive’s smart analytics platform and advisory services, global leaders in financial, telecommunications, retail, entertainment, services and government markets gain the foresight they need to make smart transformation decisions and maximize the performance of organizations, processes and infrastructure. Founded in 2003 with headquarters in New York, NY and offices in Omaha, NE and Paris, France, Accretive is a privately owned company with over 350 customers worldwide. For more information, please visit http://www.acrtek.com.

Media Contact:
Lorraine Kauffman-Hall
Office: +1 (704)-882-0443
e-mail: lhall@attainmarketing.com

 

Leave a Comment

*