Synechron and Quantexa partner to support financial services firms

25 August 2017 Consultancy.uk

Synechron and Quantexa have partnered to form a new entity-resolution crisis management platform, designed specifically for financial consultancy firms. The Data Science Accelerator for AML/Fraud will utilise AI to flag up suspicious transactions to clients.

New York based digital financial consultancy Synechron has begun a new era of cooperation with Quantexa, a network analytics software provider, for the launch of a new project which is aimed at bettering clients’ access to anti-money laundering, fraud, credit list and trade surveillance. The technology provided by Quantexa is aimed at combining vast and disparate data sets with actionable intelligence, something that Synechron will apply practically for clients of the financial consulting group. Financial services are increasingly seeking to use data science to overcome various types of financial crimes which include fraud, money laundering – which is estimated to be as high as 5% of global GDP, or roughly U.S. $1-2 trillion annually – terrorist financing, and various other forms of corruption and market abuse which remain as threats for the financial services industry.

The alliance builds on collaborative efforts between the two companies earlier this year, when Synechron – who won two Financial Technologies Forum awards at the 2017 FTF Technology Innovation Awards – built a use case and technology architecture layer on top of Quantexa’s platform as part of it’s consultancy’s AI Accelerator Programme. The subsequent Data Science Accelerator for AML/Fraud enables firms to protect their key assets from financial crime through algorithms that can detect potential illicit behaviour, allowing the firm to react dynamically to the threat and proactively put in place controls to counter such threats.

Synechron and Quantexa will now be employing Dynamic Network and Entity Scoring, which allows companies to score entities as well as networks in batch and in real-time. The service provided by Quantexa will be targeted at furthering the ability of organisations to adapt to different case scenarios, whereby they can act to prevent crises and meet the requirements. Having aligned with Synechron, the joint relationship combines business consulting and development expertise with shared clients who can benefit equally from Quantexa’s powerful entity resolution and network analytics software. Synechron has been accredited with its involvement in the development of its Data Science Accelerator for AML/Fraud, which has been added as an addition to Quantexa’s platform.

Synechron and Quantexa partner to support financial consulting firms

Commenting on the rationale behind the extended partnership, Tony Clark, Managing Director of Synechron said, "Data Science has the ability to bring together a vast amount of data and create a single view of that data that can then be used to understand deeper patterns and relationships for strategic decision-making; however, realising the full potential of the technology requires a deep understanding of the technology and the related business operations. Quantexa’s capability-led approach allows end-users to build entity and networks dynamically on the fly as well as in batch, which allows for a high-level of customisation and a need for combined consulting and development guidance."

Preventing financial crimes

The Accelerator ensures the safety of the firm as the system employs algorithms that have the ability to detect any irregularities, which can prevent financial crimes. This platform acts as a protective mechanism for firms to strengthen control over potential threats, and find solutions to counter them. Financial consulting firms can be supported by the new data science, with the help of the behavioural pattern detection and predictive analysis functions in addition to an expert within the field, the system brings about customised schemes for firm processes and control.

Imam Hoque, COO of Quantexa, remarked on the deal, "Synechron’s digital, business consulting and technical teams provide strong expertise and a proven track-record in delivering complex and strategic solutions, including systems integration, application development, customisation and support. This combined with their strong domain knowledge for fast deployment made them a natural partner for Quantexa. Their accelerator approach focuses on giving clients a real, customised solution to their problems with proven technology, and we were glad to be a part of that initiative. Now, we look forward to expanding the relationship to deliver similar solutions to clients across a range of use cases."

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Grey Consulting and Makerversity announce strategic partnership

05 April 2019 Consultancy.uk

Grey Consulting has forged a new alliance with Makerversity, a 500-strong community of the brightest creative innovators, headquartered at Somerset House, London. The partnership hopes to tap into the experimental community to develop pioneering solutions for Grey Consulting’s clients.

In August 2018, one of the world’s largest design agencies surprised the business world by launching a dedicated consulting outfit. The news came as the two industries continued on their trajectory towards a historic synthesis. The consulting industry has been engaged in a pitched battle with the advertising and design space for the past few years, as the former increasingly encroaches on the territory of the latter via a protracted campaign of mergers and acquisitions; but there had been little traffic moving in the other direction.

At its launch, Grey Consulting was not billed as a direct competitor to established consultancies. However, the firm behind the new entity hopes that its creative experience will give it a competitive edge in winning consulting business from its existing clients. The Grey Group is a global advertising and marketing agency with headquarters in New York City, and 432 offices in 96 countries, operating in 154 cities. Grey Consulting opened its doors with a view to aiding clients within the areas of business and brand design, innovation and digital transformations.Grey Consulting and Makerversity announce strategic partnership

Now, as the firm looks to further expand its footprint in the market, Grey Consulting has unveiled details of a ground-breaking new alliance with Makerversity, a 500-strong community of creative innovators headquartered at Somerset House, London. The alignment with Makerversity is hoped to unlock the potential of collaborating with one of the world’s most experimental communities.

Makerversity curates and convenes the best talent across product design, fashion, art and experimental architecture, sustainable materials, IoT, digital manufacturing, and coding. It provides spaces and workshops for professional makers to develop and create their work, supported by Somerset House Trust. The alliance is expected to enable Grey Consulting to develop pioneering solutions for its clients, together with innovators who make something amazing for a living, every day. 

Leo Rayman, Grey Consulting CEO, commented, “This gives our clients the potential to access a network of some of the most diverse and innovative individuals in the world today. Being so tightly connected to a community of makers means we don’t just develop transformational strategies but can quickly realise them in three dimensions. This sets Grey Consulting apart from the pure play strategy houses who are sometimes criticised for not making their thinking real at the pace modern businesses require.” 

Fiona Dent, CEO of Makerversity, added, “Makerversity acts as a catalyst for unexpected encounters, fostering collaborations between an incredible range of the brightest leading creators and innovators. Our experimental approach and engaged members, whose own practice is defining our world, create highly original new outcomes. We are delighted to bring this philosophy to a wider audience and generate interesting projects for Makerversity members through our partnership with Grey Consulting.”