We're evolving traditional roles and hiring more prompt engineers in India: Synechron’s David Sewell

For years, the financial services industry has been trying to automate its processes, ranging from back-end compliance work to customer service. But the explosion of generative artificial intelligence (Gen AI) has opened up numerous possibilities, including new models and job roles, for financial services firms, believes David Sewell, Chief Technology Officer (CTO) of Synechron, a New York-based information technology and consulting company. The company was founded in 2001 by Faisal Husain, Zia Bhutta, and Tanveer Saulat. Today, with over 14,700 employees in 19 countries, Synechron specialises in the financial services industry, serving in North America, Europe, the Middle East, APAC, and India. In an exclusive interview with TechCircle, Sewell discusses the role of AI in investment and financial services and also how the company's India team is making a significant contribution to its overall revenue and profit. Edited excerpts:

In your opinion, how does AI contribute to the digital transformation of financial companies?

AI has been a game-changer in the digital transformation of the financial sector, enhancing efficiency and customer experience. It automates routine tasks, provides intelligent insights, and optimises operations. In fintech, AI has numerous capabilities and use cases, from risk assessments and personalised customer recommendations to powering virtual assistants and forecasting financial trends. A clear example of AI's impact is seen in investment banking, where it reduces the time-consuming process of compiling pitch decks from weeks to minutes, as demonstrated by Synechron's Amplifai. Beyond operational efficiency, AI is crucial for real-time fraud detection and regulatory compliance, reinforcing security and privacy in the fintech ecosystem.

How do you utilise AI and analytics to assist your clients in expediting their digital transformation?

Synechron leverages AI, analytics, and automation to lead digital transformation efforts, modernising IT infrastructures and converting legacy systems. Our global Financial Innovation Labs (FinLabs) and Accelerator Programs address various fintech challenges, from credit risk to regulatory compliance. One of our tools, Codifai, improves software development efficiency by automating code generation and analysis, increasing productivity by 40%-60%. In addition to accelerating the development of digital solutions, this approach ensures seamless integration into existing frameworks.

What obstacles do CIOs/CTOs encounter when dealing with advanced technologies like Gen AI and hyper-automation?

CIOs and CTOs face multiple hurdles when adopting advanced technologies. One major challenge is bridging the skill gap, which requires significant investment in talent development and retention. Integrating these technologies into existing infrastructures poses complexities that demand careful planning to ensure interoperability. Data privacy and security are increasingly critical, given the reliance on data in today's economy. Lastly, the financial investment required for technology acquisition, skilled personnel, and maintenance is substantial, necessitating a strategic approach to ensure a positive return on investment.

How do you address the issue of human resources in the face of global and business challenges?

Contrary to the belief that AI might eliminate jobs, it actually enhances human efficiency and job quality. Synechron focuses on upskilling and cross-skilling, fostering a culture of continuous learning. Through industry road shows and sessions, we inspire our talent to embrace advancements in Gen AI. We are evolving traditional roles and recruiting more prompt engineers to adapt to the changing landscape, ensuring our team is equipped to meet the highest ethical AI standards.

Which technological areas will be your main focus in the upcoming fiscal year and why?

In the upcoming fiscal year, Synechron will concentrate on AI, Gen AI, and platform transformation. Our commitment to AI stems from its potential to revolutionise business efficiency, innovation, and growth. In response to strong client demand for AI and Gen AI applications, we aim to make AI technologies more accessible, enhancing value propositions for our stakeholders and clients.

What is the involvement of the India team in the development of the AI suite?

India is an important talent and outsourcing market for the rest of the world, particularly for ER&D operations, due to its highly skilled workforce. In fact, two-thirds of Synechron's workforce is based in India. Our FinLabs in Pune, supported by the Indian workforce, is a key hub for AI innovation, making substantial contributions to our AI accelerators and Nexus suite of solutions. The expertise and innovation from our India team have been, and will continue to be, integral to our global AI initiatives.

What sets you apart from your competitors?

Synechron started as a fully self-funded enterprise and has since grown into a global corporation. Our unique combination of financial services domain expertise, deep knowledge of AI and Gen AI, global accolades, and a track record of successful AI implementations set us apart in the market. As a substantial private company, we deliver comprehensive AI-driven business solutions, having already operationalised and delivered tangible benefits from our AI solutions to clients, while others are still in the announcement phase. In essence, we don't just talk about tech, we walk the talk!

What is the technological outlook globally and for India in the next 12-18 months?

Globally, we can expect AI to continue its momentum, particularly in healthcare, finance, and manufacturing, with a heightened focus on ethical considerations. Cloud adoption will continue to grow, and the rise of Platform Engineering will streamline development efforts. Quantum Computing will also make progress. However, cybersecurity will need to remain a top priority due to escalating cyber threats, deep fakes, and data privacy issues. In India, the focus will be on Digital India initiatives, expanding internet access in rural areas, and a surge in green energy investments. The integration of AI, automation, and data analytics will continue to drive innovation and efficiency across industries.