The strategic partnership offers enterprises predictive and generative AI software implementation at scale to improve efficiency and business performance.
Based on the information detailed in the press release, the EY – SymphonyAI alliance is set to focus on financial crime prevention and regulatory compliance, which is an increasing concern for large financial customers, as fraudsters grow more sophisticated in conducting fraudulent transactions, evasion of sanctions, and money laundering.
Complementing the SymphonyAI Sensa-NetReveal suite, EY US’ business knowledge, implementation experience, and digital transformation capabilities seek to assist clients with identifying and investigating suspicious activities in an expedited and increasingly accurate manner.
The partnership will also support the expansion of AI-based solution delivery for retailers, including computer vision-based intelligence capabilities to better store operations. Furthermore, it will help improve customer experience and digital-industrial manufacturing through asset management and worker connection solutions, which are purposed to further operations, yields, and safety.
When commenting on the announcement, Greg Sarafin, EY Global Partner Ecosystem Leader said that as the power of AI in business is clear, working with SymphonyAI is set to bring successful AI deployments to organisations worldwide. In the initial stage, the companies are partnering to help enable financial institutions to level the playing field and meet regulatory, alongside societal expectations for fraud detection and prevention in a more consistent, rapid, and effective manner.
EY seeks to build a better working world, helping create long-term value for clients, people, and society, and building trust in capital markets. Enabled by data and tech, EY teams in more than 150 countries provide trust through assurance and help clients grow, transform, and operate, working across assurance, consulting, law, strategy, tax, and transactions.
Its development strategy encompasses product launches and collaboration that seek to better the digital landscape, with recent announcements being the May 2023 launch of its Ethereum-based platform that seeks to help companies track their carbon emissions, and the same-month alliance with insurance platform EIS to help clients in the US and UK implement and integrate EIS’ cloud-native digital insurance platform.
In April of the same year, the organisation announced a separate collaboration with a focus on digital transformation, namely the one with FintechOS which sought to simplify and improve the digital development of financial institutions.
SymphonyAI is building the enterprise AI SaaS company for digital transformation across critical and resilient growth verticals, including retail, consumer packaged goods, finance, manufacturing, media and IT or enterprise service management. In February 2023, it was announced that the company’s SymphonyAI Sensa was chosen by securities and investment bank Mizuho International for AML detection within its European Capital Markets Division.
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