Synechron Inc., a leading Digital Consulting firm for financial services, today announced the launch of its newest Accelerator solution, the Data Science Accelerator for LIBOR Impact Analysis, the latest addition to Synechron’s existing AI Data Science Accelerator program.
The Accelerator will help financial services firms solve complex benchmarking challenges approaching the 2021 London Interbank Offer Rate (LIBOR) phase-out deadline as well as to tap into a robust digital and data science toolkit to help drive larger, global enterprise transformation initiatives.
The Accelerator for LIBOR Impact Analysis enables financial institutions to identify and quantify their LIBOR exposure at either a contract level or across all contracts within an institution. It delivers a powerful digital tool to address complex regulatory changes related to the transition from LIBOR to alternative rates and leverages a powerful combination of Optical Character Recognition (OCR) and three levels of Natural Language Processing (NLP) to identify and quantify LIBOR exposure at the contract level, or across all contracts within an institution. The Accelerator then allows contracts to be revalued using alternative rates and valuation models for a dramatic reduction of manual LIBOR impact assessments and enhanced productivity making the overall contract review process 30x faster and reducing costs by 80%. The Accelerator joins over 60+ Digital Accelerator solutions built for banks, asset managers and insurance companies through Synechron’s Financial Innovation Labs (FinLabs) in the last three years.
Additionally, Synechron’s AI Data Science program is continuing to gain momentum in the year since its launch with a number of global projects underway. Synechron has been selected in a highly-competitive field to implement large-scale engagements in email and document classification; the application of AI to customer interactions; customer behavior prediction; system failure prediction; model lifecycle management architecture; Data Science strategy and organizational design; and AI application development. There is also a strong demand to apply Data Science to LIBOR benchmarking, which has driven the creation of the new Accelerator added to the program.
To bolster its offerings, Synechron has activated several strategic alliances, including a partnership with Infer for intelligent lead scoring, as well as DataRobot and Squirro, which focus on predictive analytics, machine learning, and cognitive insights. The Data Science program, overall, has contributed significantly to the global industry innovation agenda with these Applied AI for banking solutions having receiving three industry awards for leadership, innovation and excellence in the last six months, including the Business Intelligence Innovation Awards, the FTF Innovation Awards, and a Stevie Award for Synechron U.S. Head of Data Science, Robert Huntsman as Innovator of the Year.
“Synechron’s Accelerator Programs are business-driven solutions to complex problems our clients are facing every day. They provide strategies to address rapid changes in the regulatory landscape and digital transformation,” said Faisal Husain, Co-founder and CEO of Synechron. “Given the tremendous feedback we have already received for our AI Data Science program, I am confident that the LIBOR Impact Accelerator will be a great addition to help arm our clients to advance their digital strategies with transformative, powerful innovation.”