Synectics Solutions named as one of only thirty organisations approved to take part in The Financial Conduct Authority’s (FCA) Digital Sandbox Pilot. The FCA received ninety-four applications across the three use cases, all of which were reviewed by an advisory panel of experts. Synectics is delighted to be involved in the “Preventing Fraud and Scams” workstream.

The FCA’s collaboration with The City of London Corporation sees the most innovative thinkers in the industry coming together to tackle some of the challenges caused by the coronavirus (Covid-19) pandemic. Focusing on Fraud & scams, Vulnerability and SME lending this three-month trial hopes to lay the foundation for a permanent digital sandbox initiative.

One of the main objectives of the pilot is to build a community of interested stakeholders to share knowledge, experience and expertise to add value of the financial services industry. The pilot will draw on the skills of award-winning data scientists, the power from machine learning capabilities and Synectics’ proprietary data asset - National SIRA.

These three elements, when blended with the synthetic data available within the sandbox environment will allow the team to create ground-breaking ways to help organisations prevent and mitigate modern fraud typologies, particularly Bounce Back Loan Scheme fraud and Authorised Push Payment fraud.

Chris Lewis, a senior consultant running the pilot for Synectics said “This is an unbelievable opportunity, borne from the collaboration of like-minded organisations all with the common goal of improving the financial sector. To have access to an eco-system where commercial enterprises, charitable and government bodies can all work side by side is game changing.”

The pilot will run until early February with an independent evaluation process being undertaken by Grant Thornton. The pilot will be assessed against 5 success criteria:

  1. Innovation – role played in encouraging innovation in financial services to the Covid-19-related challenges detailed in the use cases.

  2. Speed – role played in enabling quicker testing and development of proof of concepts.

  3. Collaboration – role played in fostering collaboration, facilitating diversity of thinking and creating an ecosystem of key organisations.

  4. Pilot features – the effectiveness of the key features of the pilot in stimulating and accelerating innovation.

  5. Sustainable future – role played in informing and assisting the design and future operating model of a permanent digital sandbox.


For more information on the trial please visit www.digitalsandboxpilot.co.uk