Syncrasy in Banking & Financial Services

The Financial industry is at an inflection point facing major economic, regulatory and technological challenges. Be different from the pack with Syncrasy’s Digital Transformation Platform

Syncrasy Data Discovery Platform

Powering transformational change

Platform

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The challenges

Banks were created to look after all the financial needs of people and businesses, everything from taking deposits to giving loans. As a result, most banks created operations based around products, with vertically integrated processes structured around product based data silo’s. Unfortunately for traditional banks, customers today expect more social and digital interaction and more individual attention, which requires banks to be organised around the customer’s data.

Today’s individual-centered economy will also give way to an everyone-to-everyone (and everything) economy, as big data, analytics, cloud, social and mobile technologies make entirely new operating models possible.

The way forward is to underpin legacy systems that allow banks to:

  • Enable new data-driven business models.
  • Modernize legacy systems.
  • Drive profitable growth through deeper customer insights.
  • Automate and embed risk management and regulatory compliance.
  • Better manage fraud.
  • See the bigger strategic picture with a 365º Enterprise View.

Syncrasy’s Platform Core

Designed for Agility, Performance & Scalability

Syncrasy’s Platform Core abstracts away the complications of building modern, data centric solutions, allowing enterprises of all sizes and sectors to affordably compete in this hyper-connected world.

Fault-tolerant, distributed and extensible by design, with modern, highly-available and load balanced resource scheduling and processing that is elastically scalable both at the application and compute resource deployment level.

Syncrasy’s Chameleon Technology

Automating Application Plug-ability

All enterprises are unique and need unique solutions aimed at optimizing the value generated from their data.

Syncrasy’s Chameleon Technology allows solution designers to choose a vast range of pre-integrated applications, from managing connections to different data types to curating data motion through to managing data at rest and enabling data discovery.

Syncrasy’s Agile Query Technology

Datastore-aware Query Optimizer

Traditional data queries demand significant IT intervention before data can be queried.

Syncrasy’s datastore aware Query Technology automatically restructures a query plan to leverage datastore internal processing capabilities, without requiring up-front schema knowledge.

This capability allows Enterprises to leverage readily available SQL skill sets even for complex queries across multiple datastores.

Syncrasy’s Virtualization Technology

High Availability at a Fraction of the Cost

Syncrasy’s container-based Virtualization Technology provides a lightweight, low overhead, low cost alternative to full machine virtualization that manages both applications and storage to create a flexible, highly available computing environment.

Enterprise Features include:

  • Centralized management
  • Automatic backup and restore
  • Supports network storage: NFS, ISCSI and SDS
  • Scales from a single node to large clusters
  • Optimized for performance and usability
  • HA, live migration, cloning of VM’s
  • Fast and easy horizontal scaling

Syncrasy’s Software Defined Storage

Affordable Storage without Limits

As new data requirements surface, enterprises need storage solutions that can quickly and affordably adapt. Syncrasy software-defined storage options scale without limits, support new data workloads and leverage existing storage infrastructure.

Enterprise Features include:

  • Ready for new datatypes including block, object, and file storage combined into one platform
  • No vendor lock-in to proprietary hardware
  • Self-healing with no single point of failure
  • Automatic balancing for maximum performance
  • Advanced algorithms for best use of hardware
  • Massively scalable across bare metal, hybrid and cloud deployments

Syncrasy’s Run Anywhere Technology

Fast and Versatile Deployments

Running on COTS hardware in any bare metal, virtualized, cloud or hybrid infrastructure, Syncrasy is fully optimized for all infrastructures and environments, significantly reducing deployment costs and maximizing the flexibility to start with a minimum investment and expand as you build progressive value.

Deployments can not only run anywhere, eradicating the complexities of migrating between different cloud providers, they can also run everywhere – all at the same time, ensuring that sensitive data can be held on-premises whilst anonymized and less sensitive data can take advantage of flexible cloud infrastructures.

Syncrasy Connect

Pluggable Connectors for Any Data

Quickly, easily and reliably collecting, moving and exporting massive amounts of structured and unstructured data into and out of the Syncrasy Platform components.

Connect to:

  • Enterprise Applications
  • Relational Databases, Hadoop, NoSQL Databases
  • Enterprise Data Warehouses
  • Transactional Text, CSV, Excel Data
  • Social Media Text, Audio, Video
  • Image, Geospatial and Video Motion Data
  • Machine Sensor and IoT Device Data

Syncrasy Dataflow

Modern Data Pipeline Engineering

Syncrasy Dataflow provides the ability to curate, mediate, change, tune, parse, filter, join, merge, transform, enrich, fork, clone, unify, store and analyze data in real-time, on-premises or in the cloud; and build parallel data pipelines using multiple pre-engineered technologies based on the use case.

Equally well designed for small scale data sources that make up the Internet of Things as well as large scale enterprise integration, Syncrasy’s Dataflow technologies allow Enterprises to respond quickly and easily to new information requirements and build digital business disruptors.

Syncrasy Data at Rest

Multiple Databases Technologies

Syncrasy’s Open Data Architecture enables multiple best of breed data bases to be tightly integrated and easily interchangeable according to application needs. Relational or Not, Structured or Not, Syncrasy provides enterprises with solutions that can quickly and affordably adapt to modern world requirements.

The following list is not exhaustive and only indicative of the range of databases that can be incorporated into a Syncrasy Platform Solution.

  • Hadoop
  • HBase
  • Hive
  • Cassandra
  • Crate.io
  • MySQL
  • PostgreSQL
  • Greenplum
  • EdgiStore
  • MongoDB
  • Redis
  • MS SQL Server
  • Oracle
  • IBM DB2

Syncrasy Dimensions

Self-service Analytics

Syncrasy Dimensions delivers highly scalable and user friendly, self-service Multidimensional Online Analytical Processing (OLAP) and Full Text Search capabilities.

For dynamic real-time data update requirements, OLAP cubes are built on the fly and stored in memory, providing sub-second response times at volume and automatically reflect the current state of the underlying data.

Full Text Search capabilities include:

  • Easy content discovery with lightning-fast responses
  • Smart matching and relevant results
  • Rich document parsing and geospatial search
  • Faceted search and filtering
  • Advanced text analysis & language detection

Syncrasy Analytics & Data Science

Machine Learning, Statistics and Analytics

In a world of ever increasing data, many existing analytics solutions are not up to the task.

Syncrasy’s powerful machine learning, graph, statistics and analytics engines for data science are built to take advantage of modern computing capabilities and provide robust solutions that scale with the needs of the business.

Key Features:

  • Data is operated on locally, in-database, relieving the need to move data between multiple runtime environments.
  • Separates the machine learning logic from database specific implementations.
  • Leverages Massively Parallel Processing (MPP) shared nothing technology for scalability and faster results.

Syncrasy iPages

Self-service Insights from Different Perspectives

Build customizable and shareable dashboards and reports that address the needs of enterprises seeking an intuitive, collaborative way to view and analyse their critical business information.

Use a large selection of built in charts, data grids, linear and radial gauges, and more for both real-time data in motion and data at rest to create and share rich and informative dashboards.

Seamless Integration for users to easily leverage their favorite 3rd party visualization and analysis tools.

Models

Increasing regulation, mega shifts in technology and changing social behaviors are forcing banks to appraise the ongoing viability of their business model and decide how they innovate in order to compete and survive.

Some options are:

Option – 1 Do Nothing is probably not an option because there is a growing number of providers for all banking products and services offering lower prices, easier access and better customer service.

Option – 2 Become an infrastructure provider to other banks or fintech companies by achieving significant economies of scale.

Option – 3 Become a virtual financial advisor using financial products and services from a multitude of partners and leveraging available customer data.

Option – 4 Leverage existing competitive advantages by thinning down and combine only strategically important own-labelled products like current accounts (for data, cheap deposits) and payments (data) with 3rd party products and services.

Whichever way banks choose to meet a changing future Syncrasy’s Data Discovery Platform will underpin the drive to be future ready.

Modernizing legacy systems

Proprietary data warehouses, outdated ETL systems, customer demands for new interactive line of business applications, digital invaders and increasing regulation are threatening the ability of banks to compete and survive.

However, replacing these systems on mass would be a major undertaking, thwart with risk, business disruption and potential failure.

An alternative would be to leverage the modern IT architecture of Syncrasy’s Data Discovery Platform to underpin, utilize and extend existing resources and position the bank with the IT infrastructure needed to address new data driven initiatives and be future ready.

Driving profitable growth through deeper customer insights

In an increasingly customer-centric world, the ability to capture and use customer insights to shape products, solutions and the buying experience is critical.

But for most banks building a comprehensive customer profile from isolated in data silos, application platforms and customer interaction points is often out of reach.

Syncrasy’s Data Discovery Platform overcomes these obstacles by providing the data architecture and data processing capabilities to consolidate and correlate vast amounts of customer operational data to unlock the patterns that help identify customer needs, learn from their behaviors and deliver personalized interactions.

Risk management and regulatory compliance

Most banks are forging ahead with their risk and compliance initiatives, even as regulatory uncertainty will likely remain a significant and ongoing challenge. 

Out of date ETL systems and legacy data warehouses are all hindering efforts by risk assessment teams to understand whether available data is current, accurate and comprehensive.

With Syncrasy’s Pluggable data curation, analysis, analytics and machine learning applications, banks can build multiple data pipelines from a trusted “single source of truth” to:

  • Improve the quality and accuracy of operational data.
  • Satisfy regulatory and audit requirements.
  • Use self-service analytics to improve risk assessments.
  • Develop machine learning algorithms to cross correlate relationships and predict risk scenarios.
  • Deliver timely reports to all information consumers.

Bank fraud continues to rise

Fraud losses incurred by banks and merchants on all credit, debit, and prepaid general purpose and private label payment cards issued worldwide reached $22.80 billion in 2016.

Whilst banks seek to prevent fraud by analyzing current and historic data, the evolution and complexity of fraud schemes has made existing methods of detection based on subsets of data obsolete.

Syncrasy’s Data Discovery Platform supports a new generation of detection and prediction mechanisms by providing the data architecture and data processing capabilities to consolidate and correlate vast amounts of historical claims data with new data sources, including social media content, clickstreams, web log data and others for real-time detection of fraud and identification of fraudulent patterns.

The importance of a 365º Enterprise Views

Specialized banking line of business applications underpin essential day to day operations but typically record data in proprietary and diverse databases making it difficult to cross correlate data.

Legacy DataMart's and ETL systems have helped to aggregate summarized data from multiple applications, but running on expensive proprietary storage platforms these systems are difficult to scale and don’t accommodate today’s types and volumes of data.

Syncrasy’s Data Discovery Platform overcomes these issues by providing the data architecture to quickly, easily and reliably collect, curate, transform, enrich and aggregate ANY data from ANY source.

With the ability to store more data for longer, within and across geographic boundaries, insurers can build true 365º enterprise intelligence.

“If the last epoch in retail banking was defined by a boom-to-bust expansion of consumer credit, the current one will be defined by digital”(McKinsey)

The Challenge



Banks were created to look after all the financial needs of people and businesses, everything from taking deposits to giving loans. As a result, most banks created operations based around products, with vertically integrated processes structured around product based data silo’s. Unfortunately for traditional banks, customers today expect more social and digital interaction and more individual attention, which requires banks to be organised around the customer’s data.

Today’s individual-centered economy will also give way to an everyone-to-everyone (and everything) economy, as Big Data, Analytics, Cloud, Social and Mobile technologies make entirely new operating models possible.

The way forward is to underpin legacy systems that allow banks to:

  • Enable new data-driven business models.
  • Modernize legacy systems.
  • Drive profitable growth through deeper customer insights.
  • Automate and embed risk management and regulatory compliance.
  • Better manage fraud.
  • See the bigger strategic picture with 365º Enterprise views.

Syncrasy’s Data Discovery Platform provides the foundation to help banks cost effectively migrate from being vertically to horizontally focused businesses by underpinning legacy systems with a modern COT’s based, highly-available and elastically scalable architecture.

Syncrasy also supports pluggable technologies for building 360º customer and enterprise views, accelerating information retrieval and streamline key processes for cost reduction and compliance management, implementing self-service access to information through the web and mobile devices, layering analytics and building modern cognitive apps.

Whichever way banks choose to meet a changing future, it is clear that restructuring supportive IT infrastructure on mass would be a major undertaking, thwart with risk, business disruption and potential failure. An alternative would be to leverage the modern IT architecture of Syncrasy’s Data Discovery Platform to underpin, utilize and extend existing resources.

Enable new data-driven business models


Increasing regulation, mega shifts in technology and changing social behaviors are forcing banks to reappraise the ongoing viability of their business model, and decide how they must innovate to compete and survive.

Whilst the future holds the final outcome, there are probably only limited survival options.

Do Nothing. The problem with doing nothing is that there is a growing number of providers for all banking products and services offering lower prices, easier access and better customer service. Also, legacy software and underlying IT platforms don’t support the capability to change. Doing nothing is probably not an option.


Modernizing legacy systems


Proprietary data warehouses, outdated ETL systems, customer demands for new interactive line of business applications, digital invaders and increasing regulation are threatening the ability of banks to compete and survive.

Whatever go forward data-driven business model options individual banks choose, modernizing their underlying IT systems will be essential.

Syncrasy’s Data Discovery Platform offers a cost effective migration path allowing banks to underpin, utilize and extend existing resources, and leverage those technologies that best fit their elected business model.


Syncrasy’s Data Discovery Platform


Syncrasy’s Platform Core with Run Anywhere Technology, fully optimized for bare metal, virtualized, cloud or hybrid infrastructures, significantly reduces deployment time and costs, whilst at the same time maximizing the flexibility to start with a minimum investment and expand as required. This fault-tolerant, distributed and extensible by design architecture with modern, highly-available and load balanced cluster and datacenter resource scheduling and processing, is elastically scalable both at the application and compute resource deployment level.

Syncrasy’s COTs based Software Defined Storage Solution provides a low cost, highly scalable option to store new data types and volumes, whilst at the same time allowing the re-utilization of existing legacy storage infrastructure.

Syncrasy’s Virtualization Technology provides a lightweight, low overhead, low cost alternative to full machine virtualization with high availability, live migration, automatic backup and restore for both modern cluster based applications as well as existing line of business applications.

Syncrasy’s Chameleon Technology, simplifies the plug-ability of modern, data centric applications and positions banks with the IT infrastructure to address future ready, data driven initiatives.


Syncrasy in Banking and Financial Services

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Driving profitable growth through deeper customer insights


In an increasingly customer-centric world, the ability to capture and use customer insights to shape products, solutions and the buying experience is critical.

But for most banks building a comprehensive customer profile from isolated data silos, line of business application platforms and customer interaction points is often out of reach.

Few banks can accurately correlate acquisition, cross-sell or upsell success with either their marketing campaigns or customer online browsing behavior.

Having a comprehensive 360-degree view of customer drives down acquisition costs, reduces customer churn and increases lifetime value.

Syncrasy’s Data Discovery Platform provides the data architecture and data processing capabilities to consolidate and correlate vast amounts of customer operational data, call center interactions, emails, social media and website interactions to unlock the patterns that help identify customer needs, learn from their behaviors and deliver personalized interactions.

With the ability to store more data for longer and identify distinct phases in customers’ lifecycles coupled with predictive analytics capabilities, banks can build true 360º customer intelligence to help acquire, grow and retain the customers.

Syncrasy enables organizations better understand their customers, deliver contextually relevant experiences, personalized recommendations and targeted offers by correlating behavior, transaction and location data.


Risk management and regulatory compliance


Deployment of multiple product line of business systems, industry mergers, consolidations and acquisitions, out of date ETL systems and legacy data warehouses are all hindering efforts by risk assessment teams to understand whether available data is current, accurate and comprehensive. This lack of reliance on the data generates the potential for losses through miscalculation of risk and regulatory non-compliance through inaccurate capital allocations.

And even though regulatory uncertainty will likely remain a significant and ongoing challenge, most banks must forge ahead with their risk and compliance initiatives.

To succeed, banks need to leverage modern data architectures to embed and automate their risk and compliance initiatives and thereby lower costs, improve efficiency, enhance quality, gain sustainability and have the flexibility to take advantage of market opportunities.

With Syncrasy’s Pluggable data curation, analysis, analytics and machine learning applications, banks can build multiple data pipelines from a trusted “single source of truth” to improve:

  • The quality and accuracy of operational data.
  • Satisfy regulatory and audit requirements.
  • Use self-service analytics to improve risk assessments.
  • Develop machine learning algorithms to cross correlate relationships and predict risk scenarios.
  • Deliver timely reports to all information consumers.

Bank fraud continues to rise


Fraud losses incurred by banks and merchants on all credit, debit, and prepaid general purpose and private label payment cards issued worldwide reached $22.80 billion in 2016 and is predicted to grow to $33 billion annually by 2021.

Add to this fraud from stolen checks, forged and altered cheques, rogue traders, fraudulently obtained loans, wire transfer fraud, empty ATM envelope deposits, identity theft or impersonation, etc., etc., and the numbers explode.

Whilst banks seek to prevent fraud by analyzing current and historic data, the evolution and complexity of fraud schemes has made existing methods of detection based on subsets of data obsolete.

Syncrasy’s Data Discovery Platform overcomes these obstacles by providing the data architecture and data processing capabilities to consolidate and correlate vast amounts of data with new data sources including social media content, clickstreams, web log data and others, for real-time detection of fraud and identification of fraudulent patterns.

Syncrasy’ integration of powerful machine learning algorithms, graph, statistics and analytics engines, built to take advantage of modern computing capabilities, significantly improves fruad detection and prevention methods with advanced data science tools.


The importance of a 365º Enterprise Views


Specialized banking line of business applications (account management, money transmissions, mortgages, cards, loans, insurances, CRM, ERP, HR, BI systems etc.) underpin essential day to day operations, marketing and management processes.

However, line of business applications typically record data in proprietary and diverse databases making it difficult to cross correlate data.

Legacy DataMarts and ETL systems have helped to aggregate summarized data from multiple applications, but running on expensive and proprietary storage platforms that require predesigned architectures and sizing make them difficult to scale. Today’s volumes and types of data also don’t fit well into these legacy architectures and constrict banks’ capabilities to build rich and in-depth 365º Enterprise Views.

Syncrasy’s Data Discovery Platform overcomes these issues by providing the data architecture to quickly, easily and reliably collect, curate, transform, enrich and aggregate ANY data from ANY source, load the data into modern data architectures according to business needs and then analyze and visualize the cross enterprise data.

With the ability to store more data for longer, within and across geographic boundaries, banks can build true 365º enterprise intelligence.

Become data driven with an enterprise ready platform.