Synechron: Offering new technological innovations
Tell us a bit about your company and what it does.
Synechron helps financial services firms develop and implement start-to-finish technological and digital initiatives and workflows, aimed to keep clients ahead in high-tech innovations which ultimately increases operational efficiency and cost effectiveness. Synechron’s team of financial services, technology and digital specialists are working closely with clients to advise them on strategic, operational, technical and cutting-edge digital innovations across our 18 global offices to help clients achieve their business goals. Through its global financial innovation labs (FinLabs) Synechron has introduce significant digital innovations including its blockchain accelerators, which bring together its business consulting, technology and digital teams across six use cases: trade finance, payments, KYC, smart margin calls, insurance and mortgages. Synechron provides an end-to-end approach, from business consulting through technical development to digital enhancement.
How is it different than other companies in the same space?
Besides being one of the only privately owned financial services-focused digital and technological business consulting firms of its size, Synechron combines the “Power of 3” – business process knowledge, digital design and core technology delivery excellence – to help clients drive transformative solutions through our financial innovation labs (FinLabs). We have invested heavily in research and development (R&D) using cutting-edge technology and experimentation to drive forward innovation across financial services. Further, within FinLabs, Synechron has specialized accelerator programs that identify client’s business challenges and develop technology code and operational architecture to improve time-to-market initiatives which unlocks large operational savings and transforms global financial operations.
What is your revenue model? How will the company make money?
Consulting services, Lab-for-hire technology development, Digital delivery
Who is your target market? How big is the opportunity?
Financial services – investment banks, hedge funds, asset management, retail banks, intermediaries (exchanges, data providers, etc.). FinTech is one of the fastest growing and most exciting industries today with record venture investment and different cities around the globe vying to be the FinTech capital of the world. Synechron is active in each of these markets and has set out to reach $500M in the next 12 months and $1 billion by 2020, given our confidence in the tremendous growth potential remaining within financial services technology. Whether it is through the adoption of blockchain within financial services, applications for artificial intelligence (AI), user experience initiatives, RegTech or updating legacy technology systems for trading and risk – FinTech still has a tremendous untapped growth trajectory.
Why are you and your team capable of succeeding?
Unlike other firms, Synechron’s power of 3 approach and financial services expertise gives us a competitive edge to tackle our client’s problems from any vantage point with great depth. Furthermore, Synechron is dedicated to recruiting and attracting the brightest minds and talents, globally, to further enable our consulting, technology and digital capabilities in our key markets: U.S., U.K., Europe, UAE, India and Singapore. Since our formation in 2001, Synechron has grown organically to our current size without private equity, VC funding, or having any long-term debt in our books, and continues to be self-funded, while maintaining profitability. Our unique, privately owned status allows us to be agile enough for our clients to meet their changing needs and to invest in innovative R&D while still large enough to scale any global project. We are confident that our resilience and proven successes will be the factors that continue to help us succeed and grow.
What is your company’s next target/milestone?
Synechron had a record year, achieving 28% YOY growth from organic client wins as well as acquisitions and has set a revenue target of $500 million for 2017 and $1 billion by 2020 as we continue to make inroads and gain market-share in the digital and innovation spaces.