Squirro partnership helping Synpulse enhance its digital offerings

08 October 2020 Consultancy.eu 3 min. read

Three years ago, Synpulse became the first Gold partner of Squirro, a company that leverages artificial intelligence to generate advanced data insights. Using the firm’s unique software solutions, Synpulse has been able to enhance its digital transformation offerings to clients in the financial services sector.

Specialised in supporting leading financial services institutions across the globe, Synpulse is currently focused on facilitating the transition to digital – an imperative in the current environment. Under contest from new agile FinTech players, muscly BigTechs and digitalising incumbents, many banks are currently in the process of building their digital capabilities.

Key to a successful tech investment is having a tried-and-tested use case, which in turn requires a solid proof of concept (PoC) for digital applications. This is where Synpulsecurrently thrives, aided by its partnership with Squirro and Amazon Web Services (AWS).

Synpulse + Squirro + AWS

“PoCs are the perfect way for financial services firms to try something new at a low cost and with low risk, test new technologies such as augmented intelligence and make an informed decision as to how they might work across the wider organisation,” said Heiko Fischer, an Associate Partner and machine learning expert at Synpulse, based in Zürich.

According to him, Synpulse offering’s which combines the tridente of Synpulse, Squirro and Amazon Web Services is a strong combination to facilitate this process. “Synpulse brings its expertise and know-how of the financial services market, Squirro is the power under the hood and AWS is the enabler, allowing PoCs to be fast, agile and used to get further business and opportunities,” said Fischer.

Squirro is a specialist in data-driven insights, relying on a range of AI and advanced tech capabilities. These can be customer insights, detected in real time, or service insights such as incident identification, mitigation and automatic incident resolution. For the financial services sector, this translates into automatic actionable recommendations and quicker verification systems. The firm’s solutions also extends to insurance, where the entire submission renewal process is automated, among other benefits.

Unstructured data can be tremendously valuable for financial services firms, not only to manage day-to-day functions but also to generate a more holistic customer experience. Squirro’s range of automated solutions provides the ability to sift through pools of unstructured data to generate insights. That being said, managing vast amounts of data also comes with security and compliance risks, particularly in the data security and GDPR paradigm.

This is where AWS enters the picture. Deploying Squirro solutions on AWS offers a cost-saving, time saving and secure space for clients to test their PoCs. “While PoCs can be carried out on-premise, it is much slower and more expensive to do so. Using a bank’s internal lab can add months to a PoC, which when speed and agility are so important, makes such a project almost untenable. We do all our PoCs with Squirro over AWS – it is secure, fast and we have results back and ready for assessment within weeks,” explained Fischer.

So, three-years on from its inception, the Synpulse-Squirro partnership appears to be bearing fruit. The Covid-19 crisis and all that has come with it has only intensified the need for such a holistic offering, as financial services look to shift their entire focus to the digital sphere, serving an ever more online-oriented consumer. The ability to rapidly test and deploy new technology will be invaluable in this scenario.