The UTI Asset Management Company has given two-year contract to American consulting firm Accenture to fast-track its technology infrastructure modernization. UTI Mutual Fund is a SEBI registered mutual fund whose sponsors are State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation of India.
“This engagement with Accenture, combined with our own expertise, will help us achieve our vision of becoming the most preferred mutual fund organization in India. This is a strategic investment for our future,” said Imtaiyazur Rahman, UTI’s acting CEO.
Under the newly signed agreement, the Accenture will design UTI’s enterprise technology architecture and fast-track its infrastructure modernization, which includes moving certain applications to the cloud and revamping its data security framework.
The company will also work on to implement a new marketing automation platform to deliver optimized and cost-effective campaigns to UTI’s existing and prospective clients. In addition, the consulting firm will also help UTI define the data strategy for insight-driven decision-making and design UTI’s customer engagement strategy.
“When used in the right manner, digital technologies like data analytics and marketing automation can help organisations achieve profitable growth,” said Rishi Aurora, a managing director with Accenture who leads its Financial Services practice in India.
“Cost-optimisation initiatives can create investment capacity to drive expansion and growth, while infrastructure modernization can help create new sources of value. We’re looking forward to our collaboration with UTI as they advance in their journey to a digitally led future and are excited about what this will bring to millions of retail investors in India,” said Aurora.
Accenture provides a broad range of services and solutions in strategy, consulting, digital, technology and operations across 40 industries and in more than 120 countries. Recently, the company has launched a new service called ‘5G Acceleration Services’ to focus on a new set of services emerging due to 5G adoption by communications service providers (CSPs), network operators, device manufacturers and non-traditional mobile network operators.