Synechron Inc., has said that nearly 60 financial institutions are set to implement Artificial Intelligence (AI) technology following the launch of Synechron’s AI accelerators in March – with interest spanning across four continents, new figures show today.
Synechron is currently working with 57 financial institutions based in Europe, the US, Middle East and Asia to help them adopt AI technology. 28% of the firms are based in Europe with UK headquartered institutions accounting for nearly half (45%) of the interest in Europe and 23% of interest worldwide. 25% of firms set to implement AI are also based in the United States.
Of the 57 firms looking to implement Artificial Intelligence, 30% are focused on Robotic Process Automation, and another 30% is focused on Chatbots. A further 26% involve Natural Language Processing or Natural Language Generation. Robo-advisors and Data Science each bring in a further four leads, respectively.
Most (54%) of the interest from the UK is centered on Robotic Process automation, while 43% of US firms and 30% of firms based on the European continent are interested in adopting Natural Language Processing or Natural Language Generation technology. What’s more, half of the interest from Dubai/UAE and a further 38% of interest from mainland Europe is focused on Chatbots.
Of the proof-of-concepts and pilots involving meaningful steps toward production, most are of quick turnarounds of 12-weeks or less, which shows the level of commitment of financial services firms to technology that they ultimately believe will benefit their business model and processes.
Synechron’s 14 reusable applications – Accelerators –allow financial institutions to reduce time-to-market when applying AI to enhance business operations, reduce operating costs and create better client experiences. The Accelerators use techniques like Natural Language Processing (NLP), Chatbots, Robotic Process Automation (RPA), Cognitive Machine Learning, Data Science, and Robo-Advisors to address the business challenges most commonly effecting financial institutions today.
Additionally demonstrating the success of these initiatives, Synechron, alongside Sqreem Technologies in Singapore, was recently honored the Audience Choice Award at Citi’s Integrity Challenge Demo Day in Singapore. The winning partnership between Synechron and Sqreem Technologies leverages AI technology to couple structured and unstructured data to provide an early warning system for anomalous behaviors that might hint at financial crime.
Faisal Husain, Synechron co-founder and CEO, said: “The financial sector understands the value of innovation and there is real ambition to implement Artificial intelligence around the world, especially in Europe and the US. This global interest reiterates the importance many are placing on new technologies to help them solve complex business challenges. Artificial Intelligence allows businesses to deploy processes that augment the role of individual, allowing them to fulfil their potential and increasing their value to the business.
“The interest in our AI services has come from businesses of all sizes, from global banks, investment funds and exchanges to local lenders and insurance providers. While there are a select few leading the AI adoption race, it remains to be seen who will be the AI trailblazers that drive its adoption into the 21st century.”