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InSync London Blog Recap

Digital Transformation For London BFSI

Digital Transformation continues to be a topic driving interest from financial services business professionals and technologists; however, according to Gartner 2/3 of businesses believe that they are behind in terms of today’s Digital capabilities. This burgeoning industry desire to make rapid progress in Digital is pushing the BFSI industry to look for actionable steps they can take to drive enterprise scale digital transformation across their businesses.

Under this backdrop, Synechron brought together over 100 industry c-level executives for its London client conference this month to explore How to Scale Enterprise-wide Digital Transformation for Financial Services. London Managing Director, Tony Clark set the stage by highlighting recent industry initiatives including HSBC’s trade finance transaction on blockchain, JP Morgan’s Corporate Debt Issuance on Quorum and other programs like Synechron’s recent RegTech Accelerators launch.

Anand Memon of Citi Business Advisory Services kicked off with findings from their vision report on the future of Investment Management. He explained how current trends such as passive investing, exchange traded funds (ETFs), alternatives and transfer of wealth have created pain points for investment managers that cannot be solved today but conceptualized how emerging technology might be able to address these challenges in the future.

Featured Keynote, Jeremy White, Executive Editor of Wired Magazine, brought levity and intrigue to the event with his assessment of high-tech innovations that are already real in the here and now. He covered potentially surprising innovations in areas like Artificial Intelligence (Facebook / MIT chatbots creating their own language and learning how to lie), the Internet of Things (and the Internet of dumb things), Virtual Reality, Facial Recognition, and Satellite Imaging - to name a few.

Synechron’s London Head of Consulting, Pankaj Gupta, moderated a panel of experts from Synechron, Credit Suisse, Calypso, and Paze discussing the path forward for technologies and approaches like Digital / Cloud / AI / DevOps / RPA / OCR / NLP / Blockchain, key barriers and success stories. The group took questions from the audience and showed practical examples in the demo-session which followed over drinks and canapés.

The key takeaway: Digital Transformation means different things to different people, but to be successful in BFSI will require applied innovation that demonstrates an understanding of business domain, process and culture and a mastery of emerging technologies to implement and scale change.

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