FinLabs acts as an innovation hub - allowing our clients to reap the benefits of Synechron’s digital R&D investment and scale transformative ideas with access to the brightest minds using cutting-edge technology. Synechron combines the “Power of 3” - business process knowledge, digital design and core technology delivery excellence - to drive transformative solutions.
Here, clients can actually touch and feel the latest digital technologies and be energized and inspired to develop transformative solutions. Visitors can do everything from role-playing the customer journey through a typical digital engagement scenario in order to understand the impact of beacons, drones, biometric authentication and virtual reality, to prototyping around new technologies like blockchain.
HOW WE HELP
In Synechron’s FinLabs, we’ve worked closely with clients to understand which digital technologies are exciting them (and worrying them) and what business challenges they hope to solve. Together, we developed new technology code and operational architecture to dramatically improve time-to-market for these initiatives and unlock billions of dollars in operational savings and transform global financial operations. We’ve essentially created a blockchain road map to operational excellence and efficiency.
We then saw an opportunity to take what we’d learned in our Financial Innovation Labs and use it to help other companies accelerate their own blockchain projects - because after all, blockchain by its nature gains strength based on the number of entities using the network.
The Synechron Blockchain Accelerators can provide financial institutions with solutions that provide:
Reduced costs and fees
Automation of the extensive manual intervention required in many operational cycles - telephone calls, emails, papers or proprietary user identification systems - eliminate redundant tasks, direct processing costs and human error. Payments transfers using digital currencies dramatically reduce third party fees.
Transactions stored on a blockchain are virtually tamper-proof. The distributed database requires that all parties reach a consensus on database contents, so no single party can alter the transaction chain without the permission and knowledge of all other parties.
Shared access to and validation of transactions increases the trust in the integrity of any individual transaction and its accuracy. All parties using the blockchain network view the same contents, making it impossible for multiple uses (or spending) of a single transaction.
Blockchain-based systems can eliminate counterparties and create more efficient bilateral settlement relationships. Cycle times are faster because of streamlined workflows and reduced paper processing.
Improved customer experience
When redundant data entry is eliminated and cycle times are faster, customers generally are more satisfied. Financial institutions struggling to make legacy processes easier can find process improvements with the strategic application of blockchain technology.
Synechron’s Blockchain Accelerators are working applications that will show you how blockchain can solve real-world operational problems. They will accelerate your integration and deployment program.
Synechron has created process frameworks and application code for six industry and process blockchain accelerator solutions.
Blockchain Accelerator for Mortgage Lending
Reduce costs throughout the mortgage value chain by leveraging blockchain technology to provide more efficient interactions with suppliers, agents and customers.Read More
Blockchain Accelerator for Trade Finance
The Synechron Blockchain Accelerator for Trade Finance provides working, usable code for trade-finance applications, not just presentation diagrams and theoretical improvements.Read More
Blockchain Accelerator for Global Payments
Reduce payment costs while remaining in compliance by using the Ripple network for international remittance and interbank transfers.Read More
FEAR OF MISSING OUT (FOMO)
The Blockchain FOMO
The fear of missing out on blockchain (Blockchain FOMO) is understandable - the stakes are high and the technology is moving quickly. But frankly, many financial institutions don’t know where or how to start. To know more about how Synechron can work with them to develop a roadmap to accelerate their blockchain initiatives download this article.