Change is Intricate
Consulting our clients on how to Accelerate Digital
Business dynamics within the financial services and insurance industries are changing fast. Regulatory burdens, revenue pressures, cost income ratios, and digital disruption are competing agenda items for stakeholders across the business. Synechron Business Consulting provides expert management consulting services to global financial services and insurance organizations, in areas related to business transformation, innovation and market disruption.
We focus exclusively on Banking, Financial Services, and Insurance, and therefore, bring to our clients a deep knowledge of the challenges, operations, and best practices in their industry. We help them solve the most complex business challenges across a number of areas. These include capital markets, commercial banking, investment banking, retail banking, wealth and asset management, corporate cards and payments, exchange and financial operators, custody, and insurance (property & casualty and re-insurance).
We support our clients in successfully translating business strategy into new organizational designs, optimized business processes and enterprise-wide technology solutions. Our approach is based on taking the business context of our clients as the starting point on every engagement. We then add our significant industry perspective and outside-in thinking to the process. We collaborate with our clients on everything from developing a high-level business vision to detailing day-to-day operations. And, we do it with a unique ability to combine deep domain expertise with end-to-end Business Consulting, Technology and Digital capabilities.
Synechron Business Consulting Capabilities
Architecture and Transformation
Financial institutions and insurers have seen a decade of regulatory changes, cost pressures, and shifting user expectations. This has led to significant value migration between business lines and geographies. In addition, new technologies and competition have started to challenge traditional business models; this has culminated in a massive shift in business strategies, operating models, technology architectures and workforce dynamics. Our teams understand organizational dynamics, regulatory bounds, and the wider business context. This allows us to reimagine operating models, and re-engineer capabilities and processes, to help create future-proofed organizations for our clients.
Client Experience and
Firms are looking to leverage the latest advances in multi-channel banking and digital innovation to enable better customer experience, leading to high retention, low attrition, and optimal monetization. Simultaneously, regulators are assessing compliance with financial crime regulations to ensure the highest standards of customer due diligence, know your customer (KYC), and anti-money laundering (AML) requirements are met. This is a top concern for financial institutions and insurance companies alike if not properly protected. Synechron’s experts, Accelerators and Partners can help and prove that elevating customer experience, achieving cost efficiencies and being in control do not need to be competing business dynamics.
Data Science, Engineering
Our well-regarded enterprise data practice has strong experience in leading major engagements in Enterprise Data Architecture and Governance, Data Analytics and AI, Data Visualization, and Data Quality Improvement. We work with clients to improve data architecture for business and IT, reduce data management and sourcing costs. We are helping them to improve data quality and reporting, monetize the value of data, improve compliance, and ultimately, ensure the effectiveness of business decisions. We have a blend of highly-experienced business change leaders, data analysts, data scientists, digital designers and technical experts. These people become even more powerful when combined with our Accelerators for AI and Data Science. We help banks and financial services companies take future-first data approaches.
The volume and complexity of regulation have been key focus areas for our clients and a key driver of industry transformation for more than a decade. MiFID II, Basel III, Dodd-Frank, EMIR, IFRS, Ringfencing, Brexit, Dodd-Frank, the DOL Fiduciary Rule, and other regulations are driving change. They have driven a need for impact assessments, gap analyses and major operational, systems, and culture changes to cope. Our consultants have built up a strong track record of working with clients to shape, architect, and deliver complex regulatory programs on time and within budgets, across multiple geographies. Our Business Consultants have worked with our Technology and Digital teams to develop RegTech Accelerators that help banks accelerate their approaches to these challenges.
Financial services firms are looking increasingly to Risk as a form of competitive advantage. This is in addition to improving compliance, transparency, architecture standards, cost-effectiveness and overall integrity for finance and risk areas. In financial services, we understand the business challenges related to market risk, credit risk and operational risk across the enterprise as well as finance, treasury, and accounting risks related to complex risk regulations like FRTB, IFRS, US GAAP, and Basel III. In insurance, we’ve developed unique InsurTech Accelerators focused on solving challenges related to underwriting risk. We have deep expertise and real-world experience in solving the challenges faced by today’s Chief Financial Officers (CFOs) and Chief Risk Officers (CROs).
Among the largest challenges our clients face while trying to embark on new areas of innovation is what innovative approaches to embrace and how to apply them. This includes the ability to articulate the top priority challenges, understand market trends in innovation, and pragmatically apply innovation to move the needle for the organization. It also involves the ability to shift the culture and practices, and make the organization future-ready. Synechron’s business knowledge allows us to advise clients on how to apply innovation to their businesses through innovation labs, proof of concepts, proof of value projects, pilots, all the way up to enterprise-scale transformation programs.
BFSI firms continue to face cost pressures across competing priorities making high-quality delivery a key focus. Synechron’s program management helps firms optimize business value and minimize delivery risk. We are able to achieve this due to our deep understanding of the clients’ businesses across front-, middle- and back-office operations. We understand the pain points across the sell-side, buy-side and insurance industries. This allows us to more accurately anticipate timelines and navigate business challenges. We bring scientific rigour to program and portfolio management, in parallel with the art of stakeholder management and organizational advocacy.
Client Rationalization and Offboarding for a Regional Banking Giant
Strategic client rationalization
Client Offboarding - Capital Resolution for a Wholesale Bank
Global Business Wind-down and Divestment
Target State Architecture for Digital Transformation for a Leading Investment Manager
A Path to IT Optimization