Synechron opens Financial Innovation Labs in New York and Charlotte

02 August 2017 Consultancy.uk

Financial and technological professional services firm Synechron has launched two new American FinLabs, as the firm caters to growing demand for innovation from its clients. The new locations, one of which is in Synechron’s new global HQ in New York, take the consultancy’s global FinLab count to nine, as the consulting industry continues to eke out opportunity in digital advisory services.

Global financial services consultancy Synechron has announced the launch of two new state-of-the-art Financial Innovation Labs (FinLabs). The consulting firm which is also a technological service provider, opened a FinLab inside Synechron’s new global headquarters at 11 Times Square, along with a second in Charlotte, North Carolina, to serve the vibrant local financial community. According to Synechron, the FinLabs will act as an innovation showcase, enabling businesses to, “touch, feel and experience first-hand the latest developments in financial technology and understand what is driving the customer experience today.” The labs are intended to further ramp up clients appetite for innovation by exposing them to the best that Synechron’s digital R&D investment has to offer, with the majority of sectors increasingly embracing new technologies in spite of the threat of digital disruption.

The announcement from the consulting firm is the latest in a growing trend within the industry. McKinsey & Company launched a number of digital capability centres globally, along with a number of competing consultancies. BCG also launched an Innovation Centre for Operations to showcase Industry 4.0 technology in Paris, and such facilities offer visitors a range of customised services to provide insight into the potential of new technologies transforming the manufacturing process.

Synechron opens Financial Innovation Labs in New York and Charlotte

Synechron themselves have meanwhile created similar initiatives around the world in recent years. 2015 saw the firm launch a digital innovation centre in Dubai, with a second following in London a year later. With the additional openings in Charlotte and New York, Synechron now has nine FinLabs globally, with other locations in Fort Lauderdale, Amsterdam, Hyderabad, Bengaluru, and Pune. While the labs allow visitors to experience and fully interact with new and emerging technologies such as Artificial Intelligence and Blockchain, which is set to become an indispensable tool for the financial sector, the central aim of the projects is to illustrate how these prototypes and experiences might assist clients in deploying these technologies more quickly for greater business success.

The FinLabs launch coincides with Synechron’s move to a new global headquarters at the iconic 11 Times Square, as the firm works to facilitate the needs of a growing client-base. “There is a hunger for innovation across the financial services industry, and our Financial Innovation Labs are all about giving banks a tool to harness and focus that energy, and truly find their unique differentiator” said David Horton, Managing Director and Head of Innovation at Synechron. “The new location allows us to show clients what can be achieved when they combine digital strategy, innovation, user experience, and emerging technologies.”

The US headquartered firm – which is one of the largest professional services firms dedicated to the financial services industry with over 8,000 employees across 18 offices worldwide – recently won recognition for its continued commitment to innovation and technological development, scooping two FTF Technology Innovation Awards earlier in 2017. According to Faisal Husain, Co-founder and CEO of Synechron, the consultancy’s vision for FinLabs was to go beyond collaborative theoretical discussions and create an interactive, immersive space in the hope of supporting FinTech innovation. “We want to empower our clients to stay ahead of the curve with digital transformation, and we are happy to provide a space where they can learn, get inspired, and see and feel first-hand how these disruptors work and can be experienced,” he said.

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