Asset 1
Synthesys 3.8: Making Financial Services Institutions Smarter – Really? How?

We’re so excited to start 2014 with our latest platform release, Synthesys 3.8. This release, like previous ones, moves the bar forward in terms of our industry-leading advanced analytics; it also includes innovations that we’ve been working on through the course of 2013 and that are focused on providing aggregated knowledge of people, places and activities – delivered using new real-time query capabilities and a whole new user experience we call Synthesys Glance™.

So why is this important to the financial services industry? How does Synthesys 3.8 differ from other analytics platforms that claim to provide insight into information and detect risks and risky relationships and why is it so powerful?

Let’s start off for a moment by thinking about relationships in the context of the financial services industry. The relationship is at the center of everything a financial institution thinks about. From a compliance perspective, the relationship, and specifically the customer or entity that sits behind the relationship, dictates what products a financial institution can offer and what level of compliance monitoring the institution conducts around the relationship. A financial institution may have extensive Patriot Act oversight requirements, foreign tax account risks (FATCA) or Dodd-Frank reporting obligations based on the relationship, which leads to additional exposures and costs. In some cases, financial institutions have decided not to service entire industries such as gaming or regions such as overseas accounts, because they’re concerned that they don’t know enough about the entities and individuals within these markets. Think about it for a moment – because a financial institution doesn’t have confidence in their information, they actually decide not to service entire segments and markets. What does that say for the information that supports their current set of relationships, businesses and markets?

We spent the better part of last year working with some of the largest consumer, commercial and investment banks helping them uncover their risks and relationships. Whether it was looking for employees who were violating trading and wall-cross rules, customers using bribery and gifts in order to obtain insider information or connecting the dots within millions of suspicious activity reports, we’ve trained our analytics to automatically examine electronic communications for concealed and illegal activities. Furthermore, we have trained our analytics to highlight relationships and associations within millions of poorly structured documents and automatically scrub public data sources for hidden client and employee activities and their associated risks.

So back to the original question, why is Synthesys 3.8 so important to the financial services industry? Here’s the answer:

  • What other analytics platform has the ability to learn both from the training you provide it and the data it’s analyzing?
  • What other platform also has the ability to reason using domain-specific business problems (outlined above) and becomes smarter as it learns what people are saying and what they are doing (in the context of the business problem)?
  • And, what other platform is engineered to semantically resolve who’s communicating to whom, and what they’re communicating about – regardless of the data source?

The answer is obviously Synthesys.

By applying financial-services-related context into a platform that has been identifying risky relationships and activities for federal defense and intelligence agencies for well over a decade, Synthesys 3.8 and its proactive compliance analytics truly change the way financial institutions uncover concealed risks and relationships.

Our real-time query capability allows clients to explore a wealth of aggregated, categorized and prioritized knowledge on employees, customers and market information from news, social media and many other public sources of information. We call this aggregated information a Knowledge Object. Using our new web application, called Synthesys Glance (shown above), analysts can interactively browse and analyze various Knowledge Objects of people and organizations to discover valuable patterns and relationships without having to rely on fragile rule-based analytics and/or heavily-curated information that may lack the fidelity needed in order to reveal information that is being intentionally concealed (negative news services are a good example of this).

When these advanced analytics are coupled with our enhanced real-time query capabilities and our new Synthesys Glance user experience, our financial services clients are starting to change the way they see their business, and uncover their risks. They are becoming smarter as our platform is helping them to reveal and, more importantly, get ahead of their risks, clients, employees, relationships and activities.