Appian Partners with Symphony to Enable Compliant Financial Communications and Process Automation
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Insights
The collaboration between Appian and Symphony holds significant implications for the financial sector, particularly in the realm of regulatory compliance. With the financial industry facing hefty penalties for non-compliance, the integration of compliance-enabled communication tools directly into workflows can be a strategic advantage. It can lead to a reduction in the risk of fines that have historically reached billions of dollars for the misuse of messaging platforms. The partnership's potential to enhance operational efficiency may also translate into cost savings and improved competitive positioning for financial institutions.
From a financial analysis standpoint, the ability to streamline and secure communications could result in direct operational cost reductions. These savings stem from decreased time spent on compliance checks and audits, as well as lower risk of financial penalties. Moreover, the enhanced transparency and efficiency may positively influence the customer experience, potentially leading to increased customer retention and acquisition. This could have a favorable impact on the revenue streams of banks and financial services firms that adopt this technology.
The legal landscape for the financial services industry is increasingly complex, with stringent regulations like GDPR, MiFID II and Dodd-Frank requiring robust compliance measures. The partnership between Appian and Symphony is poised to provide a solution that meets these regulatory demands. By embedding auditable, compliance-enabled omnichannel communications into clients' workflows, the collaboration promises to mitigate legal risks associated with non-compliance.
From a legal perspective, the ability to provide built-in auditing and compliant communication tools is a proactive measure against potential litigation and sanctions. The availability of the Symphony Messaging Component through Appian's platform could be seen as a form of legal risk management, potentially reducing the exposure of financial institutions to legal challenges. Furthermore, the partnership may serve as a benchmark for industry best practices in regulatory compliance, potentially influencing future regulatory standards and expectations.
In the context of market dynamics, the partnership between Appian and Symphony is indicative of a growing trend towards digital transformation and regulatory technology (RegTech) adoption in the financial services industry. As financial institutions navigate an environment of increasing regulatory scrutiny, the demand for solutions that can ensure compliance while maintaining efficiency is escalating.
Market research suggests that partnerships like this one are likely to gain traction, as they address critical industry pain points. The integration of Symphony's secure communication with Appian's process automation could set a new standard for operational excellence within the sector. The ability to communicate across popular platforms like WhatsApp, WeChat and SMS securely is particularly relevant given the widespread use of these platforms for business communications. The market response to this partnership could influence investment and innovation strategies across the RegTech landscape, potentially shaping the future direction of the industry.
This partnership aims to facilitate compliance with financial services regulations through better visibility and auditability
The use of non-compliant messaging platforms by financial institutions has resulted in billions of dollars of regulatory fines. Trusted by over a thousand financial institutions worldwide, Symphony provides secure, compliance-enabling business communication. The Appian Platform makes it easy for firms to automate their processes with AI, reduce risk, and reach new levels of efficiency, eliminating data silos and ensuring every workflow is secure and compliant.
"Appian and Symphony are committed to making banks more resilient during a time of exponentially increased regulatory pressure and economic uncertainty," said Michael Beckley, Founder and Chief Technology Officer at Appian. "Combining process efficiency with a tool that provides built-in auditing and compliant communication means less risk of fines and less productivity loss for financial institutions."
The Symphony Messaging Component is now available for download from the AppMarket on Appian Community. The component allows users to access the comprehensive functionality of Symphony within their Appian process automation applications. This provides safe, secured, compliant, and auditable omni-channel communications for banking employees and clients across prominent messaging and voice networks, including WhatsApp, WeChat, and SMS. In addition, users will have access to Symphony's secure enterprise communication platform for teams to collaborate, share files, and collaborate in a secure and encrypted environment.
"By utilizing the Symphony plugin on Appian, users will have an encrypted and secure environment to conduct their business and customer communications," said Brad Levy, CEO of Symphony. "In addition, this partnership between Appian and Symphony will enable more transparency in financial and operational processes as well as internal and external collaboration. Better visibility and auditability facilitates compliance with existing and new regulations, which at the end of the day is good for business and for the customers."
Read how Appian and Symphony can help financial services firms optimize collaboration, enable compliance, and automate processes to transform financial communications.
About Appian
Appian is a software company that automates business processes. The Appian AI Process Platform includes everything you need to design, automate, and optimize even the most complex processes, from start to finish. The world's most innovative organizations trust Appian to improve their workflows, unify data, and optimize operations — resulting in better growth and superior customer experiences. For more information, visit appian.com. [Nasdaq: APPN]
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About Symphony
Symphony is the most secure and compliance-enabling markets' infrastructure and technology platform, where solutions are built or integrated to standardize, automate and innovate financial services workflows. It is a vibrant community of over half a million financial professionals with a trusted directory and serves over 1000 institutions. Symphony is powering over 2,000 community built applications and bots. For more information, visit www.symphony.com.
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SOURCE Appian
FAQ
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