IT consulting firm Synechron Inc. has launched an accelerator programme to help wealth managers use technology, data science and analytics for acquiring customers and improving transparency.
US-based Synechron, which focuses on the financial services sector, said the accelerators will be available across its FinLabs in cities including New York, London, Paris, Dubai, Pune, Bengaluru, Hyderabad and Singapore.
“Implementing digital strategies is a high priority across our global clients, but we have seen a significant interest in applying technology to enable digital workflows across the wealth management industry,” said Faisal Husain, co-founder and CEO of Synechron, said in a press release.
Husain pointed to the rise of robo-advisers and a long bull market has made it critical for wealth managers to be transparent and deliver better value.
Synechron said better access to data analytics, and technologies such as natural language processing (NLP), robotic process automation and virtual reality can help managers improve efficiency and efficacy.
This is the sixth accelerator programme by Synechron. The programme consists of nine accelerators that are working on issues such as automating manual prospecting, onboarding tasks, relationship management and keeping up with client demands for high-tech products.
The accelerator programme’s website shows that wealth management firms can benefit from technology in areas such as identifying prospects for relationship managers, navigating regulatory requirements, identifying key life events for clients and improving the hit rate of product pitches.
Synechron also pointed towards the importance of natural language processing in the financial services sector. Husain, too, had spoken about the issue during an interaction with TechCircle recently.
He had said that natural language understanding builds upon NLP by adding a qualitative, linguistic approach to language processing. “NLU-based agents understand user intent and, as a result, can have fluid conversations -- a capability that is essential in service domains,” he had said.