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Synechron’s ‘Neo’: AI solutions for the financial services industry

Synechron is a global consulting and technology organisation that delivers innovative solutions to the financial services industry through three main business focus areas: digital, business consulting, and technology. The leading tech consulting firm just launched its innovative new AI platform, which promises to ease the mundane processes of the industry.

‘Neo’ is a new Artificial Intelligence platform developed by Synechron under its Financial Innovation Labs (FinLabs) programme with the aim of guiding the financial services industry toward capitalising on cutting edge AI solutions. The platform consists of 14 reusable applications – Accelerators – that promise to increase the efficiency of financial institutions, reduce operating costs, and create better client experiences by employing AI. The Accelerators use techniques such as Natural Language Processing (NLP), Chatbots, Robotic Process Automation (RPA), Cognitive Machine Learning, Data Science, and Robo-Advisors to approach a range of use cases.

The first AI Accelerator, Natural Language Processing (NLP) and Generation (NLG) allows automated data extraction which pulls data from earning reports and contextualises its intent. Using NLP, firms can extract CRM data and NLG to reach a compliant conclusion through real-time queries and contextual user information.

Next, the 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. Another AI Accelerator technology, Robotic Process Automation (RPA) consists of tools that analyse emails using NLP to automatically understand relevant margin call information. In addition, RPA is capable of generating pitchbooks based on the content of presentation slides. RPA tools can therefore greatly assist the client on-boarding experience.

Cognitive machine learning helps traders to derive real-time OTC pricing for illiquid OTC products. The data can later be used to advance collateral management reporting. Coupled with historic data, cognitive machine learning can boost LCR reporting by creating reliable intraday liquidity estimates. The Data Science accelerator enables banks to bring their Know-Your-Customer (KYC), banking, and credit card data into a database to be coupled with the customer’s online behaviour data. Afterwards, the data can be used to analyse consumer behaviour and to draw in new clients.

Lastly, Artificial Intelligence Accelerator for Robo-Advisors enables wealth managers to create a hybrid robo-advisor that augments their existing services with an automated platform. In this way, the self-service experience that clients crave is created, balanced with the high-touch, high-trust experience advisors are known to deliver, with added capabilities like social investing, chat, and more.

In addition to AI applications, the Accelerator Programme also provides access to Synechron’s network of  knowledgeable consultants, technologists, and other digital teams. These experts in financial services, business processes, products, regulation, operating models, and data architectures are crucial to constructing compelling AI applications.


To learn more about Synechron’s new Neo Artificial Intelligence platform, read or download the brochure in PDF format by clicking here.

 

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