This month Synechron brought together many C – level executives for its New York client event. InSync New York explored the latest in Digital Innovation including AI, RPA, Data Science, Devops and other fintech strategies.
Event was kicked off by discussing why Accelerating Digital is a top agenda item for our clients and some of the latest Synechron achievements to support that objective, including the launch of Synechron’s 5th Accelerator program: AI Data Science. The Accelerators include four business use cases to help financial services and insurance firms solve complex business challenges by discovering meaningful relationships between events that impact one another (correlation) and cause a future event (causation).
Our keynote speaker for the evening was Huw Richards, Digital Head of Investment Banking at J.P. Morgan. Huw discussed his vision for a Digital Investment Bank and the two key paths for change: become more efficient only or truly transform business operations.
Synechron’s US Head of Blockchain, Tim Coates moderated a panel of experts from TIAA, J.P. Morgan Chase, Microsoft, and BNP Paribas. The panel covered challenges and success stories on topics such as DevOps, Digital, Cloud, RPA and AI. Our talented experts provided a thought provoking and engaging panel discussion.
Key points covered included:
- What Accelerating Digital means to each organization, how to approach Digital strategy, and where Digital sits on the organization. The group determined that Digital strategies often sit in various parts of the business, including innovation and technology, but the most successful projects are those that involve the business and a pluralistic approach.
- The significant culture change needed to implement agile working practices and DevOps. It is important to shift focus from IT-only to be more communication-based to foster collaboration and flexibility needed to innovate.
- The major trends with Cloud, including multi-cloud strategies and the move toward going serverless. By going serverless, institutions can quicken their time to market, better stability and management of development and testing, and see less wastage in time and effort spent, as well as less costs due to spending based on usage. This allows firms to fill the pre-requisite for compute power many new innovations, like those powered by AI and blockchain require, while combating cost pressures.
- Data Science and the need for model governance to train use cases and automate test cases.
- Customer centricity and how banks are taking increasingly a platform and open API approach to banking, while at the same time understanding that flexible architecture choices allow them for future flexibility as their business needs change.
- Building ecosystems and focusing on B2B2C strategies. Financial institutions need to change the way they engage with their customers and how they provide value. Customer experience and UI/UX, cross-organizational workflows, transaction processing for multiple parties using API/microservices or blockchain, the ability to provide data and analytics, and predictive power will be essential building blocks to creating an ecosystem for banks.
After our panel discussion, our guests had the opportunity to enjoy cocktails, hors d'oeuvres and visit one of our demo stations featuring Synechron’s AI Data Science Accelerators, Blockchain Accelerators, and Experience Design work in the Harvard Club’s Cambridge Room.
The evening concluded with a delicious dinner and live music in Harvard Hall.