Synechron Launches AI Tool Suite for FIs

Neo has arrived.

Global financial service consultancy Synechron has launched its Neo “accelerator” suite today, a set of 14 artificial intelligence tools and technologies geared towards assisting FIs with all of their budding AI projects.

“As we rolled out our blockchain accelerator launch last year, we got in touch with the heads of innovation at these banks, and we realized that many of them are grappling with this new [AI] technology,” Sandeep Kumar, managing director for Synechron, told Bank Innovation. “Unlike blockchain, we are seeing immediate interest.”

Much of this interest is due to the fact that unlike blockchain projects and POCs, AI technologies are something that banks and FIs can launch almost immediately, according to Kumar.

Similar to the blockchain tools the company rolled out last year, these 14 new “accelerators,” as Synechron refers to them, are a set of tools and working code which clients can integrate to cut costs and time for their projects. These new tools focus on different project areas, such as Automated Financial Advice Generation, Client Onboarding, and Customer Insights.

The automated advice generator uses NLP, or natural language processing, to assist wealth managers and financial advisors, while Client Onboarding uses robotic process automation to pull information from a user’s identity documents.

Customer Insights has four models—for banks, credit cards, e-commerce, and mortgages—and uses data science to pool the relevant financial information with a user’s behavior on social media platforms.

Other services launched today include fraud detection, a product recommendation tool that uses behavioral analytics; Synechron is also in the process of testing an OTC price automation tool that is “not yet smooth enough” to roll out to customers, according to Kumar.

The remaining 13 are fully ready for clients.

The suite uses AI technologies like machine learning, robo-advisors, and chatbots, which are particularly suited to customer engagement or KYC needs, according to Kumar.

“Bots are starting to appear as a secondary means of interacting with customers—it’s an extra channel,” Kumar told Bank Innovation.