Synechron has announced the launch of its Digital Ecosystem Accelerators for the financial sector. These solution prototypes respond to growing customer demands for real-time digital experiences and the bank’s facing challenging growth conditions, to deliver new business models. Ecosystems orchestrate many participants to co-create value for their clients, leveraging a symbiotic relationship between their capabilities. Banks stand to benefit from the acceleration of more open, API-driven, low-friction and interoperable platforms by increasing their monetization of existing customers, building stronger customer profiles, and hence improving retention rates with more customized services.
Synechron’s Digital Ecosystem program consists of five Accelerator solutions across Retail Banking, Wealth Management, Corporate Banking and Capital Markets. By drawing on Synechron’s Digital, Business Consulting and Technology expertise, these prototypes reflect the future investment direction of these banking segments and respond to real business opportunities and pain points. The Accelerators use cutting-edge, emerging technology solutions to offer a forward-looking approach that taps into a bank’s scale, data and partner network to combat the growth of non-bank competitors.
The Digital Ecosystem Accelerators are Synechron’s seventh Accelerator program launched in the last three years. Others include Blockchain, AI Automation, InsurTech, RegTech, AI Data Science and Wealth Tech, which have each grown into industry-recognized Centers of Excellence with award-winning solutions.
“Companies have the opportunity to secure a competitive advantage against FinTechs and startups who are gaining market share over the traditional banking, advisory and insurance industries, by looking at how they can leverage their tremendous data, scale and partner networks to leapfrog a digital platform strategy straight into a digital ecosystem strategy,” said Faisal Husain, Co-founder and CEO of Synechron. “To help our clients capitalize on this opportunity, we have developed a number of Ecosystem Accelerators which bring together multiple participants to co-create value. Utilizing the power of data consolidation and data science, the Digital Ecosystem brings network participants new intelligence, allows them to reduce operating costs and increase customer proximity; all of which enables continuous engagement.”
Tim Coates, Head of Digital Ecosystems said, “At Synechron, we are focused on innovation and digital transformation to help our clients thrive in challenging business conditions. We believe banks will be investing significantly into Ecosystem business models. Many large-scale initiatives will focus on reducing the friction between collaborating with vendors, FinTechs and even rival banks to deliver better customer outcomes and improve the bank’s return on equity. Business agility will also be a focus through major upgrades in microservices APIs and the Cloud as well as cultural shifts in customer-centricity. I am excited to work with our clients to create the future of financial services customer experiences at scale.”
The Digital Ecosystem Accelerators include:
- Digital Home Ownership – banks are extending beyond banking into the non-transactional activities around clients’ largest life investments to leverage their incumbency strengths. Customers want to own a home, not a mortgage. Our solution brings all asset ecosystem participants together, onto a single convenient digital platform and offers direct-to-customer services to home owners, ranging from banking and insurance services to smart device management, utilities and home renovations.
- Sustainable Finance Investments – In collaboration with our data partner Sustainalytics, our solution enables asset managers to centralize and standardize sustainable investing indexes and pricing. Asset managers can also advance alpha-generation and risk modeling around sustainable investment strategies tied to predicting carbon transition and executing stranded asset risk strategies.
- Treasury-as-a-Service Open Banking – our solution can automate a bank’s Treasury, liquidity and cash management functions across now-siloed departments and enable banks to create a Treasury-as-a-Service API-marketplace to embrace open banking and create future revenue-generation models.
- Margin Call Automation Network – leveraging the Symphony Communications platform, our solution allows you to run an automated margin call calculation request from your counterparties systems at any time of day, within a fit-for purpose infrastructure that serves the middle and back office.
- Smart desktop interoperability – using the OpenFin operating system, we have demonstrated how to deliver rapid digital transformations by modernizing the desktop, without costly back-end server integrations. We’ve built an expandable framework including an app store and notifications engine with a common local message bus to seamlessly enable interoperability between multiple desktop and web applications without sending data back to a server. We have demonstrated a sample of the business applications with 3 unique use cases: (1) orchestrate multiple trading venue RFQs; (2) handling general ledger source reconciliations; and (3) port client profiles between onboarding systems.