EY announces strategic alliance with SymphonyAI to help digitally transform organizations with generative AI-enabled retail and financial services platforms

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Aug 10, 2023, 09:00 ET

Supports financial institutions transforming their business operations and performance
Provides capabilities for use cases in retail, industrial and financial crime prevention
Offers innovations through AI-enabled solutions, transformation expertise and deep vertical knowledge

LONDON, Aug. 10, 2023 /PRNewswire/ -- The EY organization today announces an alliance between SymphonyAI LLC (SymphonyAI), a leader in high-value enterprise AI software as a service (SaaS), and Ernst & Young LLP (EY US), to help organizations tap the power of AI to transform processes and operations. This strategic relationship brings enterprises predictive and generative AI software implementation at scale to improve efficiency and business performance.

The EY-SymphonyAI Alliance will focus on financial crime prevention and regulatory compliance, which is a rising concern for large financial customers as fraudsters grow increasingly 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 aim to help clients identify and investigate suspicious activities faster and more accurately.

The Alliance will also support the expansion of AI-based solution delivery for retailers, including computer vision-based intelligence capabilities to improve store operations. It will also help to enhance customer experience and digital-industrial manufacturing, through asset management and worker connection solutions, which are intended to progress operations, yields and safety.

Greg Sarafin, EY Global Partner Ecosystem Leader, says:

"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, says:

"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."

For more information, visit ey.com/alliances.

About EY

EY exists to build a better working world, helping to create long-term value for clients, people and society and build trust in the capital markets.

Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate.

Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.

This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.

About SymphonyAI

SymphonyAI is building the leading enterprise AI SaaS company for digital transformation across the most critical and resilient growth verticals, including retail, consumer packaged goods, finance, manufacturing, media and IT or enterprise service management.

SymphonyAI verticals have many leading enterprises as clients. Since its founding in 2017, SymphonyAI has grown rapidly to 3,000 talented leaders, data scientists and other professionals. SymphonyAI is a SAIGroup company, backed by a $1 billion commitment from successful entrepreneur and philanthropist Dr. Romesh Wadhwani. Learn more at symphonyai.com.

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