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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

Cloud Adoption in Capital Markets: A Perspective
For the financial services industry, the adoption of cloud services has become a viable business directive. As firms work to recoup their losses from the recent financial crisis, pay-as-you-go cloud services allow them to focus more on strategic, innovative and revenue-generating endeavors and less on managing routine IT activities and the supporting infrastructure.
Digital Banking: Enhancing Customer Experience; Generating Long-Term Loyalty
To stay profitable and grow in the new digital economy, banks need to adopt a customer-centric business model, diversify online delivery of products and services channels and begin making meaning from valuable trails of digital information.
Exploring Liquidity Aggregation Algorithm to Calculate Volume for a Given VWAP Spread
We develop a liquidity aggregation algorithm from a mathematical model based around volume-weighted average price (VWAP) calculations taking into consideration market depth.
The Attorney Scorecard: Accelerating the Foreclosure Process while Improving Compliance
By integrating a scorecard system in their internal operations, mortgage servicers can monitor and assess attorneys' performance in processing foreclosures to help them manage cost and time.
Remaking IT for New U.S. Mortgage Rule Compliance
To benefit from the improved housing market, lenders need to play offense by finding new ways to efficiently comply with regulations, tighten controls over the lending process and better engage with customers.
Over-the Counter (OTC) Derivatives in Asia: The Impact of Regulations
While the U.S. has Dodd-Frank and the EU has EMIR regulations to guide over-the-counter derivatives trading, the Asia Pacific region is far more fragmented for interest rates swaps (IRS), credit defaults swaps (CDS) and other OTC transactions. Harmonizing requirements will have to cover futurization of swaps, margining and collateral requirements, electronic trading platforms, central counterparties and much else - and will impact many front‑ and back‑office functions including legal, treasury, reporting, IT, risk and compliance and operations.
Swiss Private Banking
and the Rationale for Global Services Deliver
To reduce unrelenting cost pressures, Swiss private banks should rethink longstanding third-party sourcing assumptions, especially when it comes to handling elements of their back-and middle-office IT and
business portfolios.
Income Replacement and Data Analytics: Retirement Planning for the Future
While governments and financial institutions work to achieve long-term stability, the unstable economic landscape threatens to significantly reduce the working population's retirement income and assets. The Income Replacement Ratio (IRR), supported by data analytics, is becoming an important factor in structuring future retirement products and helping more plan participants achieve their retirement goals.
Forward-Looking Practices in Wealth Management
To keep up with growing regulations in wealth management sector, firms need to future-proof their operations with a robust risk-control system and transparent trading practices.
CFPB Impact on Nonbank Student Loan Servicers
Large nonbank student loan servicers need to take proactive approach to comply with CFPB regulations on a sustainable basis.

RESULTS

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 and geographies and 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