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A Playbook for Managing at the Crossroads

OUR LATEST THINKING

Innovation Beyond The Four Walls

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FEATURED NEWS

October, 13, 2014

Cognizant Schedules Third Quarter 2014 Earnings Release and Conference Call

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The Cognizant Difference

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Consulting & Solutions

Our consulting and solutions offerings help you run better and run differently. Our industry expertise and business solution capabilities are both deep and broad in financial services.
Solution Spotlight
Our financial services experts pinpoint process and technology problems, leverage industry standards to map out solutions and enhance business efficiency.
A wide variety of services across the financial services spectrum:

OUR LATEST THINKING

Trade Surveillance with Big Data
Real-time, high-frequency trading (HFT) is placing increasing pressure on regulatory compliance teams to keep up with and monitor the industry's widening pools of structured and unstructured data. Emerging technologies can help capital market firms use big-data analytics to collect, classify and analyze high volumes of data to formulate strategies for better surveillance, compliance and spot abuse.
Digitizing Automotive Financing: The Road Ahead
The evolution of digital technologies is enabling automotive financing companies to connect and interact with their customers, allowing auto lenders to take advantage of a new "e-mechanism" for engaging consumers amid digital mind and market shifts.
Mortgage LOS Implementation: A Roadmap for Sustainability
A successful and sustainable loan origination system requires rigorous timelines, infrastructure readiness and workflow management.
Private Banking: Redefining the Game Through Mobility
Today's sophisticated mobile devices have made it possible for bank customers to perform most banking transactions remotely - without having to visit their bank's branch offices. However, the nature of the private banking business and the profile of the clientele make this challenging. An all-inclusive, cross-platform app for private banking can provide more visibility into customers' and banks' needs and potentially become the primary channel for private banking, rather than merely an add-on.
For Effective Digital Banking Channels, Put Customers First(Part II of III)
The mandate is clear for banks: Know thy customer and develop more meaningful -- and profitable -- relationships.
Making Analytics Actionable for Financial Institutions (Part I of III)
To maximize ROI from their analytics platforms, financial institutions must build solutions that explicitly, visibly and sustainably enable real-time translation of data into meaningful and continuous improvements in their products, services, operating models and supporting infrastructures.
Retail Banking: Delivering a Meaningful Digital Customer Experience
To compete effectively, banks must fully adopt digital technologies to enhance customer experience, by providing mobile banking, omni-channel banking options, digital personal financial management and more.
The U.S. Federal Reserve's Rules for FBOs and the Implications for IT Operations and Systems
The U.S. Federal Reserve's recent rules allow Foreign Banking Organizations (FBOs) to apply the enhanced prudential standards required by the Dodd-Frank Act -- a development that will have widespread effects on these institutions' IT operations and systems.
Safeguarding Bank Assets with an Early Warning System
The recent global financial crisis underscored the impact of non-performing assets and caused banks' overhead to soar. An automated early warning system (EWS) can help these institutions avoid the risk of problem loans, better protect their assets and reduce the effects of delinquent payments.
OFAC Name Matching and False-Positive Reduction Techniques
To meet the Office of Foreign Assets Control rules for combating money laundering, financial institutions need to take stock of new software tools that automate the process of identifying possible illegal activities and reduce the probability of unwarranted red flags.

RESULTS

  • New Loan Origination System Standardizes Processes
  • New UAT Systems Saves $200,000 per Year
  • Exceeding the Requirements of
    Basel II
  • Online Banking System Upgraded

New Loan Origination System Standardizes Processes

For a U.S.‑based residential mortgage originator, we developed an integrated loan origination system (LOS) that catered to the different requirements of various business channels.

The new LOS ensured standardized business processes, flexible product releases and far less redundant data thus improving cycle times.

The system has resulted in ongoing cost savings due to reduction in support and maintenance requirements, streamlined business processes and a more standardized architecture.

  • Ongoing cost savings
  • Reduced support & maintenance needs
  • Streamlined business processes
  • Standardized business architecture

New UAT Systems Saves $200,000 per Year

For a diversified financial services provider, Cognizant set up a centralized user acceptance testing process (UAT) for the company’s entire card application and servicing portfolio.

The UAT team focused on test design, business test artifact creation and test management.

The resulting automated system saved the organization an estimated $200,000 per year. The client also realized a 70% cost savings on test design effort by leveraging artifact reuse across multi-market rollouts.

  • Saved $200,000 per year
  • 70% cost savings on test design
  • Artifacts reused across multiple markets

Exceeding the Requirements of Basel II

Cognizant developed a workflow-based, web-enabled system for a leading North American bank to automate collection of loss data on operational risk.

This was done to improve operations and prepare the bank to comply with the requirements of the Basel II Accord.

The new system centralized data capture, facilitated customized reporting and calculated capital charge for operational risk parameters. It functioned across various sub-systems, geographies, pricing and reporting of operational risk all complied with Basel II.

  • Prepared the bank for compliance with the Basel II Accord
  • Automated collection of loss data
  • Improved operations

Online Banking System Upgraded

We helped a leading European bank upgrade their online banking system. The upgraded system provided numerous benefits to customers, including the ability to pay bills online.

Other upgrades included a revamped Electronic Bill Presentment and Payment Service (EBPP) and Safekeeping, Portfolio Management, Payments and Security Trading functions.

The EBPP functionality created a new revenue stream, while the Service-Oriented Architecture (SOA) utilized allowed the bank to Unify business processes across multiple channels to customers.

  • Upgraded a European bank’s online banking system
  • Revamped system opened the door to new revenue streams
  • Service-Oriented Architecture (SOA) leveraged across channels
  • New Loan Origination System Standardizes Processes
  • New UAT Systems Saves $200,000 per Year
  • Exceeding the Requirements of
    Basel II
  • Online Banking System Upgraded

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