EY and SymphonyAI Forge Alliance for AI-Driven Transformation in Retail and Financial Services

August 19, 2023
by
EY - Building a better working world

Key Takeaways:

  • EY partners with SymphonyAI to leverage generative AI-enabled platforms for digital transformation.
  • The alliance focuses on financial crime prevention, regulatory compliance, and retail sector enhancement.
  • EY’s expertise and SymphonyAI’s innovative solutions combine to drive productivity and accuracy.
  • The collaboration aims to create business value by utilizing deep vertical knowledge and transformation capabilities.

Unveiling the EY-SymphonyAI Alliance: A Transformational Endeavor:

In a significant move towards harnessing the potential of Artificial Intelligence (AI) to revolutionize business processes, EY has announced a strategic alliance with SymphonyAI LLC (SymphonyAI), a pioneer in high-value enterprise AI software as a service (SaaS). This partnership is set to drive predictive and generative AI software implementation at scale, with the goal of enhancing operational efficiency and business performance across industries.

A Dual Focus on Transformation: Financial Services and Retail:

The EY-SymphonyAI Alliance is poised to tackle two critical realms: financial crime prevention and regulatory compliance, and transformation in the retail sector. These areas are of paramount importance to enterprises, given the growing sophistication of fraudsters and the ever-evolving compliance landscape. SymphonyAI’s Sensa-NetReveal suite, combined with EY’s business acumen, implementation experience, and digital transformation prowess, aims to expedite the identification and investigation of suspicious activities, fostering a safer financial environment.

The alliance also has its sights set on the retail sector. By deploying AI-based solutions, including computer vision-based intelligence capabilities, the collaboration aspires to enhance store operations and elevate customer experiences. Furthermore, it aims to drive transformation in digital-industrial manufacturing through solutions such as asset management and worker connection, which are primed to boost operations, yields, and safety measures.

Unlocking the Power of AI: Insights from EY and SymphonyAI:

Greg Sarafin, EY Global Partner Ecosystem Leader, underscores the significance of AI in contemporary business. He explains, “The power of AI in business today is clear. Working with SymphonyAI, we will bring successful AI deployments to organizations around the globe. Initially, we are teaming to help enable financial institutions to level the playing field and meet regulatory as well as societal expectations for fraud detection and prevention more consistently, rapidly and effectively.”

Kumar Abhimanyu, SymphonyAI Senior VP and Global Head of Strategic Partnerships, echoes the sentiment, stating, “We are pleased to team with EY US on financial technology and beyond, advancing capabilities that drive greater productivity, accuracy and business impact. The power of innovative SymphonyAI solutions and the businesses and technology transformation knowledge of EY US, complemented by deep vertical experience in both organizations, will unlock business value worldwide.”

Empowering a Better Working World: About EY:

EY’s mission is to create a better working world, focusing on building long-term value for clients, people, and society while instilling trust in the capital markets. With a global presence and diverse teams leveraging data and technology, EY’s reach extends across over 150 countries. Offering services across assurance, consulting, law, strategy, tax, and transactions, EY teams work collaboratively to provide innovative solutions for the complex challenges of today’s world.

SymphonyAI: Catalyzing Digital Transformation:

SymphonyAI is at the forefront of building enterprise AI SaaS solutions that fuel digital transformation across pivotal verticals. With growth sectors spanning retail, consumer packaged goods, finance, manufacturing, media, and IT enterprise service management, SymphonyAI has rapidly evolved since its inception in 2017. Backed by a $1 billion commitment from Dr. Romesh Wadhwani, a successful entrepreneur and philanthropist, SymphonyAI boasts a team of 3,000 professionals dedicated to driving innovation and transformation.

Navigating the Future: An Alliance for Transformation:

The EY-SymphonyAI Alliance ushers in a new era of AI-driven transformation. By combining EY’s expertise with SymphonyAI’s innovative solutions, this collaboration is poised to unlock unprecedented value in sectors as diverse as financial services, retail, and manufacturing. As organizations navigate the intricacies of digital transformation, the alliance stands as a beacon of innovation and expertise, heralding a more connected, efficient, and secure business landscape.

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