Digital Transformation: How to Set and Implement your Digital Strategy
Digital transformation is shifting business models and driving new revenue. In fact, according to research from IDC Insights, $18 Trillion in added business value has been achieved due to Digital Transformation.
As businesses are thinking through their Digital Strategies, Synechron can work with them to help Accelerate Digital. Through Synechron's FinLabs which act as an innovation hub, we allow our clients to reap the benefits of digital R&D investment and scale transformative ideas with access to the brightest minds using cutting-edge technology in areas like Blockchain, AI, InsurTech and RegTech.
The key question is, how can innovation help to support initiatives that drive business value.
- As the blockchain wave took over industries, namely financial services, it has been the trend that everyone has wanted to follow but businesses need to pre-qualify if blockchain is indeed the best and only technology to solve the problem and understand how long it will take them to begin to gain value from the investment. A strong recent example of a National Bank of Canada (NBC) and JP Morgan have tested blockchain technology for debt issuance, on a project where Synechron provided business and technology consulting.
- For wholesale banks where Trade Finance is a large part of their business, the annual SWIFT standard updates will see a substantial change for the industry and an opportunity to think about how to modernize the business.
- For finance, treasury and risk functions, regulatory technologies, or RegTech solutions, can be deployed to give more control to firms in how they manage their businesses and the associated risks. RegTech solutions are being used to help these firms process large data volumes, especially given the nature of complex, cross-jurisdictional and inter-related calculations.
As Banking, Financial Services, and Insurance Companies look to set their Digital Innovation Strategies, Synechron is in a leading position to help them Accelerate Digital.