Synechron Inc., a global financial services consulting and technology services provider, has today announced the launch of “Neo,” a set of Artificial Intelligence (AI)-based solutions for the financial services industry. Neo brings together Synechron’s 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 – Accelerators – that allow financial institutions to reduce time-to-market when applying AI to enhance business operations, reduce operating costs, and create better client experiences.
Synechron’s AI Accelerator applications have taken a business challenge that can be best solved through AI and re-designed business processes to build a solution powered by artificial intelligence and optimized for user experience. The Accelerators use techniques like Natural Language Processing (NLP), Chatbots, Robotic Process Automation (RPA), Cognitive Machine Learning, Data Science, and Robo-Advisors to address a range of use cases.
The AI Accelerators enable financial industry players to solve complex data challenges, efficiently address regulatory and compliance requirements, and service growing customer needs. They also help automate repetitive processing tasks while cutting down time and costs in the long run, with customized and advanced bots for specialized operations such as trading, mortgages, insurance, and even personal banking. Details of the various acclerators are given in Appendix 1 following the release.
Faisal Husain, Synechron Co-founder & CEO, said: “Financial institutions are looking to implement the latest technology to address real-world problems in financial services. Neo and Synechron’s AI Accelerators will be pivotal in helping clients be at the forefront of technological advancement, while providing a comprehensive set of tools to ease and streamline processes. This will allow businesses to deploy technology-enabled processes that augment the role of individuals, allowing them to be elevated to higher-value business tasks.”
The AI engine, business, and technical analysis at the core of these accelerators can be applied to additional use cases to progress more quickly with similar initiatives. Along with the use of the AI applications, the Accelerator Program offers access to Synechron’s consultants, technologists and digital teams who are experts in financial services business processes, products, regulation, operating models and data architectures which are critical to constructing affective AI applications.
The AI Accelerators broken down by the core underlying AI technology include:
- Natural Language Processing (NLP) and Generation (NLG)
- Automated Data Extraction allows firms to automattically extract written language data from reports (eg. earnings reports) and understand what it means and why it’s significant (eg. its intent)
- Automated Financial Advice Generation can be achieved to extract CRM data and NLG to reach a compliant conclusion through real-time queries and contextual user information.
- Automated Executive Summaries written in plain language
- Chatbots serve as either an internal virtual assistant or a front-line 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.
- Robotic Process Automation (RPA)
o Client Onboarding pulls information from images of documents such as driver’s licenses and passport to auto-populate forms and create a frictionless onboarding experience.
o Automated Resolution of Failsures “Breaks” in Reconciliation processes completely automates general ledger (GL) reconciliation.
o Margin Call Management analyses emails and automatically understands relevant margin call information based on pre-set criteria.
o 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 – derives real-time OTC pricing for illiquid OTC products where this data is currently de-centralized 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 intra-day liquidity estimate for LCR reporting.
- Data Science
- Customer Insights has 4 Modules for Banks, Credit Cards, e-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 behavior (if opts in) via web and social platforms.
- Product Recommendation uses behavioral analysis to understand customer patterns for new client acquisition.
- AML/Fraud Detection uses AI and behavioral 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, creating the self-service experience clients are looking for, balanced with the high-touch, high-trust experience advisors are known to deliver with added capabilities like social investing, chat and more.