Synectics Solutions – the Stoke-on-Trent based Fintech, predictive analytics and data services company – has been honoured with the prestigious Queen’s Award for Enterprise for Innovation. The award was made for the company’s “outstanding successes” in innovation, including the application of technology to save the UK taxpayer hundreds of millions of pounds annually from potential fraud.
The Queen’s Awards, which are the highest official UK accolade for British businesses, aim to promote excellence and drive economic growth. The Innovation category awards those companies that “go above and beyond” in their area of expertise, and is designed for those offering unique innovations. Winners of this category must also show outstanding commercial success.
The name Synectics is based on the noun, meaning a problem-solving technique which seeks to promote creative thinking, typically among small groups of people of diverse expertise. This problem-solving, people first and creative mentality has propelled Synectics Solutions to be recognised as a leading pioneer in the realm of data-driven software solutions that prevent financial crime and mitigate risk.
Synectics Solutions’ managing director Carol Shanahan said: “To win an award of this calibre is a fantastic achievement. Every one of our 360 employees has contributed. Of the many awards we’ve won over the past few years, this is the pinnacle of our work to date. We started this business 27 years ago with a core purpose to be a people-centred company that always delivers the highest level of innovation and service. We’re extremely honoured and proud that this approach, supported by the unique culture that we all embody at Synectics Solutions, has led us to win the Queen’s Award for Innovation.”
Shanahan added: “Our innovative technologies make a unique contribution to our UK, European and North American customers. These innovations now prevent £150 million annually in potential fraud losses for the UK Government through our work with the Cabinet Office for the National Fraud Initiative, while even bigger savings have been made as a result of our collaborative work in the private sector. Here, our advanced technology and ability to bring organisations together for a common purpose helps to identify organised criminal gangs, prevents low level frauds and makes predictions to block financial crime.”
Business Secretary Greg Clark said: “These prestigious awards help shine a light on all that’s great about UK business today. I’m extremely impressed to see such a wealth of talent and innovation from across the UK being recognised by Her Majesty The Queen. These awards recognise the innovative products and services being provided by British businesses that are in demand across the world.”
Ruth Smeeth MP, Member of Parliament for Stoke-on-Trent North, added: “I’m absolutely thrilled that the work of Carol and Kevin Shanahan and Synectics Solutions is being recognised. A Queen’s Award is an incredible achievement for any company and is especially important for my constituency given the high-quality jobs and growth that Synectics Solutions brings to the town of Burslem. This achievement also represents the far wider contribution that Synectics Solutions makes to the local community. The Synectics Solutions team has put so much time and energy into supporting the local community. This recognition is richly deserved.”