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 its outstanding successes in innovation, including the application of technology to save the UK taxpayer hundreds of millions 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 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, creative mentality has propelled Synectics Solutions to be recognised as a world-leading pioneer in 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, contributed to by every one of our 360 employees. Of the many awards we have won over the past few years, this is the pinnacle of our work to date.
“Kevin and I 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 are extremely honoured and proud that this approach, supported by the unique culture that we all embody at Synectics, has led us to win the Queen’s Award for Innovation.
“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, and even bigger savings have been made through our collaborative work in the private sector. Here, our advanced technology and ability to bring organisations together for a common purpose helps 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 is great about UK business today. I am 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, as well as the sheer determination and hard work that comes with starting and running a business.
“Many of these winners are small businesses - the backbone of our economy – and we are backing them to grow, increase their productivity and create more jobs and opportunity across the UK through our modern Industrial Strategy.”
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. The Queen’s Awards 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 community. The Synectics team have put so much time and energy into supporting the local community.
“I know from my own work with Carol and Kevin just how committed they and the whole Synectics family are to helping the local area. Whether it's their work with the local football club or supporting the Fit and Fed project delivering holiday clubs for children across Stoke-on-Trent, Carol is community champion in the truest sense. This recognition is richly deserved.”