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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

December, 04, 2014

Cognizant to Present at the CLSA Americas Innovation Summit

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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

Deliver Trusted Data by Leveraging ETL Testing
We explore how extract, transform and load (ETL) testing with SQL scripting is crucial to data validation and show how to test data on a large scale in a streamlined manner with an Informatica ETL testing tool.
Software for Payment Cards: Choosing Wisely
As the use of card-based payments continues to grow, financial institutions must improve their response times, strengthen their security, hone their future-readiness and enrich their business value. When selecting a commercial off-the-shelf (COTS) solution, banks must verify that the product and its support services are equipped to accommodate short and long-term business and IT objectives.
Digital Transformation of U.S. Private Banking
U.S. private banks need to rethink their business models and accelerate their push to meet the ever-rising expectations of digitally savvy high-net-worth clients.
Dissecting Basel III by Geography
The impact of Basel III, also known as The Third Basel Accord, will vary by geography -- from potentially slowing down economies in emerging nations, to protecting the European Union from financial collapse, to increasing capital adequacy and improving risk management. Given the framework and timeline for implementing Basel III, the burden falls on national regulators to translate the international guidelines into national policies that suit and stabilize their economic environment and support economic growth.
Asian Private Banks: How to Embrace Digital Transformation
As Asian investors increasingly use social, mobile and analytics technologies for their wealth management needs, private banks must take a digital approach to more effectively deliver meaningful, high-value-adding interactions and tailored advice.
Making Analytics Actionable for Financial Institutions (Part II of III)
To identify meaningful use cases for analytics-driven banking and financial services solutions, organizations need a thorough understanding of how customer interactions align with context and anticipate needs, while simplifying the decision-making process.
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.

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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