Synechron, Inc., a digital consulting firm, announced the launch of its Data Monetization Accelerator program. The program offers a suite of building block solutions that aims to help retail and commercial banks, asset managers and financial services institutions unlock the full potential of their data. Synechron’s innovative tools leverage analytics and derive insights to identify revenue opportunities and implement key strategies for monetising their data, while preserving data privacy, security, governance and management. This is the 10th accelerator program Synechron has launched since September 2016.

The new Data Monetization Accelerator program is said to be driven through the collaboration of Synechron’s innovation team members and data practice experts who, together, deliver industry-leading experiences and solutions. This program offers four real-world, advanced data solutions to help companies solve key challenges and address the emerging needs of the global financial services industry.

The development has come after Synechron was named winner of the 2023 BIG Innovation Awards by Business Intelligence Group for its previous PayTech Accelerator program. 

The annual award celebrates new ideas brought to life through organisations’ creativity and passion. This was the fourth time Synechron won the title.

The new future-forward and customisable suite of Data Monetization Accelerator solutions includes:

• Data Marketplace and Clean Rooms for Portfolio Analytics – A platform offered by banks to their clients to explore and shop banks’ proprietary data, blend it with internal and external data, then run custom analytics on cloud-hosted private clean rooms to glean rich portfolio insights. 
• Merchants Recommendations – Helping banks and payment processors deliver business and market insights to their merchant clients through data-driven, actionable views and trends for better-informed decision-making. 
• Fraud Operational Intelligence – Helping banks monetise daily fraud reports by sharing fraud case summary intelligence with other banks and financial institutions in near-real-time to proactively limit the impact of future fraud transactions.
• Financial Wellness – Equipping retirement advisors to open a dialogue and discuss with their clients' retirement plans and post-retirement wealth goals by relying on personal finance forecasting.  

“As a leader and true believer in the benefits of digital transformation, we are constantly striving to create innovations that not only solve key business challenges but will facilitate business leaders to identify new opportunities,” said Faisal Husain, co-founder and chief executive officer (CEO) of Synechron.

 “Our overarching goal is to help them (clients) accelerate their innovation agenda initiatives through our new suite of data monetisation solutions,” observed Sandeep Kumar, head of Synechron’s FinLabs and Accelerator programs.