New York
09 January 2018
Reporter: Becky Butcher

Synechron: Innovation will remain key in 2018

Innovation will be the driving force in advancing key priorities such as compliance, risk and automation in 2018, according to Synechron.

The consulting and technology firm suggested that as part of increased innovation, blockchain and artificial intelligence (AI) will continue to dominate this year.

Although the main focus last year was around blockchain pilots, this year Synechron revealed that the focus will be on the production side and as a result will put a stronger emphasis on the architecture and interoperability needed to support the approach.

Also this year, firms can expect to see experience design applied to immersive technologies such as augmented reality and virtual reality, with the aim to improve customer experience.

Synechron suggested that immersive technologies, combined with natural language processing and machine learning, will redefine best practices for user experience design for both external customers and internal employees.

In terms of risk, 2018 will shift to more enterprise-wide risk management techniques. To match the increasingly fast-paced environment of financial services, Synechron has explained that firms will need to improve instant risk analysis, supported by AI, to fulfil the changing needs of the organisation.

With 2018 being a year of major regulation change, Synechron predicts that regulation technology will have a vital role to play as firms move beyond initial second Market in Financial Instruments Directive to gain more long-term benefits from the regulation and take a tech-first approach to their compliance with newer regulations, such as the Fundamental Review of Trading Book and Consolidated Audit Trail compliance.

In 2017 firms began preparing for data standardisation, however, Synechron expects to see firms moving past legacy data architecture and infrastructure systems this year.

This year saw the introduction of General Data Protection Regulation and the second Payment Services Directive, which both involve a new data infrastructure.

Faisal Husain, co-founder and CEO at Synechron, said: “2018 will continue to be an exciting and dynamic time for financial services. We expect that this year will see the culmination of some key technologies that aim to provide more effective methods of doing business, whether that is more intelligent AI, a more comprehensive use of blockchain or even business compliance ahead of Brexit. We cannot wait to see what 2018 will bring and look forward to leading the way on all these fronts.”

More news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
BNY Mellon launches FX prime brokerage service
23 January 2018 | New York | Reporter: Jenna Lomax
BNY Mellon has launched an FX prime brokerage service for its institutional clients
AIMA COO to create Canadian alternatives trade association
23 January 2018 | Toronto | Reporter: Jenna Lomax
Former AIMA COO James Burron is setting up an independent not-for-profit Canadian financial association
AIMA publishes GDPR implementation guide
23 January 2018 | London | Reporter: Jenna Lomax
The guide aims to help members understand and comply with new EU data protection rules that come into effect on 25 May
Saxo Bank extends FX Prime infrastructure
23 January 2018 | London | Reporter: Jenna Lomax
The new infrastructure, which will be available to clients in London and New York, offers full amount execution available through Saxo Bank’s DMA liquidity hubs
James Burron has left AIMA
22 January 2018 | Toronto | Reporter: Jenna Lomax
James Burron has left the Alternative Investment Management Association
Au leaves BNP Paribas
22 January 2018 | Hong Kong | Reporter: Jenna Lomax
Lawrence Au has left BNP Paribas after more than 17 years
META launches new platform for software providers
19 January 2018 | London | Reporter: Jenna Lomax
META Finance is designed to help financial institutions and software providers face the challenges brought by fintech and regulations, such as General Data Protection Regulation
More news