Synechron launches AI solutions for financial services industry

Synechron, the financial services consulting and technology services provider, is launching “Neo,” a set of Artificial Intelligence (AI)-based solutions for the financial services industry.

The group announced that Neo “brings together digital, business and technology consulting to allow financial institutions to deploy cutting-edge, AI solutions that solve complex business challenges.”

Synechron has built 14 reusable applications – aka accelerators – that allow financial institutions to reduce time-to-market when applying AI to enhance business operations, reduce operating costs and improve client service.

The accelerators use techniques such as natural language processing (NLP), chatbots, robotic process automation (RPA), cognitive machine learning, data science, and robo-advisors to address a range of use cases. In addition to custom development work, Synechron has partnered with specialist financial technology (fintech) firms such as Quantexa, Yseop and SQREEM.

“Financial institutions are looking to implement the latest technology to address real-world problems in financial services,” said Faisal Husain, Synechron’s co-founder and chief executive officer (CEO). He added that the new accelerators would “allow businesses to deploy technology-enabled processes that augment the role of individuals, allowing them to be elevated to higher-value business tasks.”

The accelerators, broken down by core underlying AI technology, include:

  • Natural language processing (NLP) and generation (NLG)
    • Automated data extraction uses NLP to achieve automated data extraction and intent realisation, allowing firms to pull data from earnings reports and other sources and contextualize its intent.
    • Automated financial advice generation can be achieved by using NLP to extract customer relationship management (CRM) data and NLG to reach a compliant conclusion through real-time queries and contextual user information.
    • Automated executive summaries written in plain language using NLP and NLOG.
  • Chatbots serve as either an internal virtual assistant or a frontline customer representative and have been created with an understanding of financial services business operations and systems integration expertise. The accelerators include: BankBOT for personal banking, TraderBOT for traders, LoanBOT for mortgages, and InsureBOT for insurance.
  • RPA  
    • Client onboarding uses optical character recognition (OCR) plus NLP to pull information from images of documents such as driver’s licenses and passports to auto-populate forms and create a frictionless onboarding experience.
    • Automated resolution of failures “breaks” in reconciliation processes completely automates general ledger (GL) reconciliations.
    • Automated margin call management analyses emails using NLP and automatically understands relevant margin call information based on pre-set criteria.
    • Automated pitchbook generation allows financial institutions to automatically generate presentation decks by understanding what content is on the slides and the appropriate disclosures required based on that information.
  • Cognitive machine learning
    • OTC price automation Synechron is using machine learning to derive real-time over the counter (OTC) pricing for illiquid OTC products where this data is currently decentralised and difficult for traders to factor into their pricing models and further using that data to advance collateral management reporting.
    • LCR reporting uses historic data and machine learning to come up with a reliable intraday liquidity estimates for liquidity coverage ratio (LCR) reporting.
  • Data science 
    • Customer insights has four modules for banks, credit cards, electronic commerce and mortgages that allow banks to bring together their know-your-customer (KYC), banking and credit card data into a database, and join them with the customer’s online behaviour (if opts in) via web and social platforms.
    • Product recommendation uses behavioural analysis to understand customer patterns for new client acquisition.
    • Anti- money laundering (AML)/fraud detection uses AI and behavioural analysis to identify potentially suspicious activity indicative of money laundering and fraud.
  • Artificial intelligence accelerator for robo-advisors allows wealth managers to create a hybrid robo-advisor that augments their existing services with an automated platform.

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