Synechron, a business and technology consultancy with a focus on the financial services industry, has unveiled bold ambitions for the coming years. By 2020 the firm aims at breaking through the barrier of for $1 billion in revenues, up from $350-million today. As part of the its strategic roadmap, the New York headquartered company has reshuffled its operations across three pillars and introduced a new brand identity.
Founded in 2001 by three co-founders*, Synechron has over the past 15 years grown into one of the globe’s leading professional services firms. The company differentiates itself in the marketplace through its exclusive focus on the financial services industry, and building on a number of competitive edges, the firm has been on a steep growth trajectory since its inception. Today, Synechron, headquartered in the US (New York), has 5,000+ professionals operating in 16 countries, generating revenues of over $350 million.
Synechron’s growth is the result of a mix of organic growth – its service portfolio has seen considerable size both in depth and breadth – as well as inorganic growth fuelled by acquisitions, including the recent purchases of usable (a US-based UI/UX design firm), Crossbridge (a financial services consulting firm based in London) and Team Trade (a Paris-based firm specialising in software integration and business consulting). Back in 2013 Synechron also acquired Double Effect, a management consultancy with offices in the Netherlands and Singapore, while between 2007 and 2009 the company picked up 110 Technologies, a testing services company, and SysCore Solutions, a technology expert.
Building on its trajectory, as well as a buoyant market – the financial services market is one of the fastest growing segments of the consulting industry – Synechron’s management team, led by CEO Faisal Husain, has unveiled bold plans for the years to come. In the space of five years the firm wants to nearly triple its global revenue to $1 billion, which, if realised, will propel the firm up the financial services advisory league tables towards a top 10 position globally (in terms of size). “Synechron has grown from a startup to an established niche firm over the last 15 years,” reflects Husain. “We have been fortunate to work with a brilliant set of clients as well as employees, the two foremost factors in our success. We now have our sights set on becoming a $1 billion firm by the end of the decade.”
Husain acknowledges that the goal is “very ambitious”, but adds that the firm is “well positioned” to capitalise on the massive potential in the market. Across the financial services industry change is rapidly hitting the frontiers of organisations, forcing them to transform their business and operating models. For a start, technology is transforming the face of banking, with a recent study from Bain & Company warning that if banks do not respond adequately, a massive revenue plunge may be inevitable. The likes of among others Blockchain, the Internet of Things and connected devices are forecasted to have a game changing impact. Competition too is heating up, from large technology players entering the market, to the rise of niche FinTech players as well as other incumbent firms in periphery industries lurching to get a hold on opportunities (e.g. payments area). Alternative finance too is booming, valued at £3.2 billion today, eroding business mainly in the SME segment of the market.
Other trends expected to forge operational transformations include a wave of new regulations, the emergence of new customer segments (e.g. Islamic banking) and changing expectations from customers – taking customer experience to the forefront of banking. The impact is not just limited to banking, but also visible across insurance, asset management and other terrains within the financial services landscape.
Against the backdrop of so much change, Husain says a range of “untapped market opportunities” will surface in the coming years, and with what he describes as the “best talent in the industry and a world-class infrastructure” he is looking forward on racking in further market share.
In a bid to better align the firm’s organisation to the reshuffling market, Synechron has reorganised its ranks around three distinct service lines – Digital, Business Consulting and Technology – internally dubbed the ’Power of 3’. In addition, the firm has launched a new brand identity, a move which according to the firm’s marketing team “signifies the evolution of the company and its 2020 vision for the future.” Along with the brand modernisation, Synechron has launched a new website that communicates the firm’s new ’Power of 3’ strategy and value proposition.
Last year Synechron opened its first innovation center, based in Dubai, and going forward Husain highlights that such hubs stand at the heart of the firm’s innovation strategy, with more of such Digital Innovation Centers (SDIC) to be rolled-out in the coming months.
* Synechron was founded by Faisal Husain, Zia Bhutta and Tanveer Saulat.