Synectics Solutions scoops UK FinTech Award

Synectics Solutions has been named winner of ‘Data Initiative of the Year’ at the 2021 UK FinTech Awards.

The awards ceremony – which celebrates the achievements and successes of the UK’s best and brightest FinTechs – was held at Leonardo Royal Hotel London St Paul’s in the heart of the UK’s financial centre on 22 July.

Announcing the win, judges said: "Synectics Solutions is championing the use of data across the private and public sectors to solve multiple problems, including fighting fraud and boosting financial inclusion. The ethical treatment of all is at the heart of its operation. A worthy winner."

The submission highlighted these incredible successes that resulted from bringing private and public data together:

• Identified £42.4m in bounce-back scheme loans that were highly suspicious of fraud and required further investigation for one tier 1 bank.
• Generated a 45% uplift in the identification of potential fraudulent claims for a leading business insurer.
• Identified £3m in fraudulent claims for discounted tariffs in a period of just three months for one water provider.
• Showed how financial inclusion could be driven within the vehicle rental sector by adapting onboarding processes to wider data matching than credit data alone, with acceptance rates exceeding 90%.

Richard Wood, CEO at Synectics Solutions, said: “The level of innovation from the UK’s FinTech sector is truly world-leading. As a business, which has been around for 30 years, we’re very proud to be among such excellent company. We constantly evolve the way we utilise data for the greater good of our customers and wider society and this award feels like a fitting recognition for all the hard work the team has done and the outstanding results they have achieved.”

Phil Vidler, Chief Executive Officer of FinTech Alliance and chair of the independent judging panel that oversaw and delivered the UK FinTech Awards 2021 results, praised the quality of every fintech that entered and their commitment to customers during the pandemic. He said: “The sector will be vital in fuelling economic recovery in the coming years. Not just from direct investment and job creation, but also as an enabler to other sectors. UK FinTechs - many of them honoured in tonight’s awards - also offer vital support to industries…as they look to rebuild in the coming year.”

Other winners at this year’s event included: Starling Bank which won FinTech of the Year; Tide which picked up Banking Tech of the Year; and Previse which scooped Payments Tech of the Year.