BrazilSynechron unveils new set of AI data science accelerators at FinLab in Dubai
Global consulting and technology services firm Synechron has unveiled a suite of artificial intelligence data science accelerators at its Financial Innovation Lab in Dubai.
Established as a means for businesses to experience the latest in advanced technologies, such as artificial intelligence, blockchain, chatbots, biometrics and virtual reality, Synechron’s Financial Innovation Lab (FinLab) centres have launched their newest range of innovative artificial intelligence data science solutions for the financial services, banking and insurance sectors – the fifth such accelerator programmes unveiled in the past two years.
Operating in 11 major international financial markets across North America, Europe, the Asia Pacific and Middle East, including in the Emirates, where the fast-growing global financial services consulting and technology services provider opened its digital innovation centre in Dubai in 2015, Synechron’s FinLabs combine what the firm describes as the ‘Power of 3’ – business process knowledge, digital design and core technology delivery excellence.
“Our vision for FinLabs was to go beyond collaborative theoretical discussions and create an interactive, immersive space that truly supports and fosters FinTech innovation,” says Faisal Husain, Synechron’s CEO and Co-founder. “We want to empower our clients to stay ahead of the curve with digital transformation, and we are happy to provide a space where they can learn, get inspired, and see and feel first-hand how these disruptors work and can be experienced.”
Adding to the firm’s now more than 50 accelerator programmes for among other areas blockchain, InsurTech, RegTech and AI data science, including its recent success with Neo – a set of revolutionary AI automation applications which address complex issues such as fraud, margin call management and liquidity coverage ratio calculations – Synechron’s latest batch AI Data Science Accelerators combine data science with deep learning algorithms and natural language processing to aid with the discovery of meaningful relationships between correlative and causative events.
Relying on a ‘powerful Spark and Hadoop platform to ingest and run correlations across massive amounts of data to test hypotheses and predict future outcomes’, the five new solutions have been designed to assist financial services and insurance firms to solve business challenges in respect to investment research generation, predicting credit risk related to mortgage lending, determining the next course of action for a wealth management client, and dealing with high-priority customer complaints.
“Digital Transformation is reshaping the financial services and insurance industries. Our Data Science Accelerators provide a powerful causation platform and business-driven use cases for four very complex financial services challenges,” said Husain. “Given the overwhelmingly positive feedback we received for our AI Automation programme (Neo), I am confident that the industry is hungry for applied AI solutions and will benefit tremendously from this programme.”
Husain, who is a regular contributor to the discussion on fintech and was recently named Entrepreneur of the Year at the Future Leaders Summit held in Mumbai, adds; “Going forward, we will continue to use our FinLabs and unique ‘Power of 3’ to develop transformative solutions for the world’s largest banks and insurance companies. This will help them to gain a competitive edge and to accelerate their digital initiatives.”
New Accelerators
As stated by Synechron, the new AI Data Science Accelerators include:
Syn-AI and Causality - is a powerful Data Science platform that ingests large volumes of structured and unstructured data and powers the business case Accelerators. It uses the latest advancements in parallel computing and delivers a scalable platform for rapidly-analyzing massive data collections and identifying meaningful Granger Causal relationships.
Visual Research - automatically generates personalized buy- and sell-side research reports with automated data collection, synthesis, and analysis, lowering costs while enabling systematic research not possible with manual processes.
Informed Investing - allows wealth managers to receive alerts for critical events related to the assets they manage such as geopolitical and sector events that impact security prices and buy/sell recommendations.
Customer Complaints Management - identifies the factors driving customer complaints and prioritizes each claim by the likelihood of being disputed or escalated to enable banks to more quickly and proactively resolve the most critical complaints.
Credit Risk - empowers banks to manage their credit portfolios proactively, enabling users to drill down into the factors driving likely credit events and to proactively manage individual risks ranked by probability of incurring a specific credit event.
