Current State

Increased regulation in Financial Services relating to the need for financial institutions to carry higher reserve levels and ensure that they are positioning products appropriately have placed a significant squeeze on the bottom line. Furthermore the evolution of new ‘start-up’ banks breaking the traditional retail banking models is significantly altering the competitive landscape. With the proliferation of mobile platforms, mobile payment, e-signatures and electronic banking, banks must invest heavily in digital transformation and channel redesign to support the complex demands of their clients. In addition, increased scrutiny from regulators, high profile data leaks and escalating audit requirements demand increased transparency, information disclosures and compliance. 

Symphony Capabilities

Symphony is able to support its clients by identifying and incorporating a modern toolset of processes, platforms and agents. Our platform allows banking clients to integrate the vast array of processes in real time to offer genuine insight to address Know Your Customer (KYC) and Governance, Risk and Compliance (GRC) requirements as well as providing the flexibility required to stay competitive and attractive to today’s ‘digital native’ clientele. Our SAVO methodology, and informed approach to leveraging ‘Future of Work’ technologies enables banks to reduce operating costs, dramatically improve efficiency ratios and release resources to focus on reinvestment and customer experience.

Benefits

Quality

  • Achieve consistent data entry and validation accuracy
  • Meet customer mobile and digital expectations
  • Create transparency into data and processing status

Compliance

  • Total data security
  • Allow full transparency and auditability of transactions
  • Enable data control to ensure compliance to FATCA

Speed

  • Accelerate data entry…up to 20 times faster than a human
  • Remove unnecessary wait times around data receipt, alert and interpretation
  • Enable the rapid and safe onboarding of clients to comply with Anti-Money Laundering regulation

Agility

  • Evolve organizations without constraints from existing business processes
  • Transform processes/services with minimal time and cost of system upgrade
  • Facilitate rapid reaction to changes in process or regulation

Insight

  • Leverage complete customer data to satisfy Know Your Customer (KYC)
  • Create time stamps, triggers and volumetrics of all work conducted
  • Enable accurate and reliable ‘big data’

Cost

  • Deliver automation at fractions of current cost-per-transaction
  • Offer human service delivery for most tasks at greatly reduced rates
  • Provide service delivery of all types at utility rates