UPDATED 15:13 EDT / MARCH 23 2017

EMERGING TECH

Synechron launches AI tools to accelerate financial technology

Financial services consulting and technology services provider Synechron Inc. has launched a set of artificial intelligence-based solutions for the industry.

Dubbed “Neo,” the company’s solution includes 14 core application services designed to tackle complex business challenges such as fraud, margin call management, consumer insights, advice extraction generation and executive summaries.

Neo’s solution applications, called AI Accelerators, use the underlying core AI to enhance business operations, reduce operating costs and create better client experiences. The systems do this by applying AI techniques to large pools of unstructured data with industry techniques such as Natural Language Processing, Robotic Process Automation, Cognitive Machine Learning, chatbots and expert systems.

Faisal Husain, Synechron’s co-founder and chief executive, said the system “will allow businesses to deploy technology-enabled processes that augment the role of individuals, allowing them to be elevated to higher-value business tasks.”

The different AI Accelerators in Neo can be categorized by the type of AI techniques that they apply to solve different business processes.

For example, Natural Language Processing and Generation uses machine learning techniques to understand spoken or typed language in order to connect machine data with human input by understanding context.

With natural language processing, Neo can provide automated data extraction from earning reports and other sources, real-time queries can be done on contextual user information and context-aware summaries can be delivered to business users out of lengthy reports or broad sets of data.

Neo Accelerators that use NLP include BankBOT, a chatbot designed for personal banking; TraderBOT, a chatbot designed to provide advice to traders; LoanBOT for mortgages; and InsureBOT for insurance. These virtual assistants would be able to understand human speech, address questions posed to them and automate common tasks directly from a chat interface. For example, BankBOT could respond to a question about current balance or even automate a bank transfer directly from a chat window.

Robotic Process Automation takes repetitive tasks that can differ slightly between passes and increases the speed and reliability by using machine learning to deal with anomalies.

By combining optical character recognition and NLP with RPA, it is possible to pull data rapidly out of scans of documents such as driver’s licenses and passports to autopopulate forms for onboarding new employees or customers. An AI subsystem using RPA could also learn the nature of an investment market by processing historical data to provide automated margin calls based on preset criteria.

Neo also provides an AI Accelerator for what Synechron calls “Robo-Advisors,” which are essentially virtual assistants and expert systems that generate human understandable advice and insights to automate personalized experience for customers. Designed for wealth managers to augment existing services with additional capabilities for social investing and automated chat for help, advice and self-service.

The vision of Neo, according to Synechron, is to provide a toolbox of AI services that businesses can quickly plug into existing platforms to augment existing business practices with industry expertise in AI and its roles.

To do this, Synechron partnered with specialist financial technology firms such as Quantexa, Yseop and Sqreem. The Neo and its AI Accelerators also draw upon foundational programming languages and tools including OpenNLP, R, Python, Jflex, PDFBox, MS LUIS, Tessaract, Spark, Apache Solr and mongoDB.

Businesses taking part in Neo and the AI Accelerator programs can also expect access to Synechron’s team of consultants, technologists and digital teams to help ease their way into using the AI tools.

Image: Synechron

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