PwC Germany cooperates for digitalized compliance processes with Sinpex
- Cooperation with Sinpex expands PwC’s existing technology portfolio
- Leveraging the latest advances in Natural Language Processing (NLP), compliance processes can be significantly simplified
- Sinpex is the leading provider of such technology
PwC Germany starts a cooperation with the Munich-based AI start-up Sinpex. The collaboration enables financial institutions to benefit from PwC’s in-depth industry and process expertise on one hand, and from Sinpex’s technical innovation on the other.
Sinpex is specialized in developing self-learning algorithms for data extraction in financial documents. Using NLP, structured and unstructured data sources are systematically analyzed for relevant information. The extracted information is 100% traceable and, providing experts a transparent basis for expert judgement. Sinpex uses the right mix of human involvement and artificial intelligence to ensure that critical decisions are always made by the processor. Dominik Schauerte, Director at PwC in Frankfurt, sees comprehensive advantages in Sinpex: „With the current compliance checks being largely manually executed, (e.g. in know-your-customer processes), Sinpex addresses a significant problem and provides our customers with high potentials for cost savings and increases efficiency. Data collection is significantly accelerated by the Sinpex solution which at the same time guarantees audit-proof documentation„.
PwC Germany and Sinpex have been working together since the beginning of 2020 and will offer joint services for banks and insurance companies starting in June 2020. Camillo Werdich, CEO of Sinpex, is looking forward to the synergies between PwC and Sinpex. „The cooperation combines first-class industry experience with our technology. Our joint services will help our clients to efficiently fulfill the increasing regulatory burden„.
In order to digitize compliance processes in a company, the right mix of technology, industry, and process knowledge is essential. The cooperation between Sinpex and PwC makes it possible to offer clients such a comprehensive service.