Synechron, pioneer in digital consulting, has introduces Digital Ecosystem Accelerators for the financial sector. These solutions will respond to increasing client demands for real-time digital experiences and the bank’s facing challenging growth conditions, to deliver new business models. The digital ecosystem orchestrates many users to co-develop value for their clients, leveraging a symbiotic relationship between their capabilities. On the other hand, banks will be benefitted from numerous side including API-driven, low-friction and interoperable platforms that will increase the monetization of existing customers, build stronger customer profiles while improving retention rates with more customized services.

“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. 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, stated Faisal Husain, Co-founder & CEO, Synechron.

At Synechron, we are focused on innovation and digital transformation to help our clients thrive in challenging business conditions

Synechron’s digital ecosystem program comprises of five Accelerator solutions across Retail Banking, Wealth Management, Corporate Banking and Capital Markets wherein these prototypes reflect the future investment direction of banking segments and respond to real business opportunities and pain points. The cutting-edge and emerging technology solution used by accelerator enable it offer a forward-looking approach which taps into a bank’s scale, data and partner network to combat the growth of non-bank competitors.

This is Synechron’s seventh accelerator program introduced in the past three years including blockchain, AI automation, InsurTech, RegTech, AI data science and wealth tech. Each of these solutions has developed into the industry-recognized Centers of Excellence along with award-winning solutions.

“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 micro services 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,” concluded Tim Coates, Head of Digital Ecosystems.