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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

April, 15, 2015

Cognizant Funds 15 Maker Corps Sites to Train Making Facilitators Across U.S., Inspire Youth Interest in STEM

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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

Digital Transformation in European Private Banking
To create a distinctive customer experience, generate new operating efficiencies, improve risk monitoring and regulatory compliance, European private banks need to double‑down on digital technologies.
Managing the Impact of CFPB Regulations
In 2014, the Consumer Financial Protection Bureau (CFPB) began taking actions to address the rising number of defaults, vehicle repossessions and questionable lending practices surrounding the auto finance industry. As a consequence, major lenders are being highly scrutinized—compelling them to take a proactive approach to CFPB compliance and better utilize their people, processes and technologies.
Multi‑Country Core Banking Implementation: Challenges and Solutions
Implementing a multi‑country core banking system entails many challenges, such as regulatory and technology differences among countries. We offer a roadmap, including how to choose the right vendor for this sensitive and crucial, global banking undertaking.
Revitalizing Finance
With a fundamental shift in the CFO mission, the finance function has become a critical change agent across organizations. The role of financial leaders such as CFOs is evolving, from a traditional financial controller, to one that drives performance improvements across the organization.
Digital Banking: Time to Rebuild Your Organization (Part III of III)
Digital success begins with revamping your bank's structures and processes. Smart change management ends this confusion. This white paper details how change management techniques will ensure that your bank successfully makes the digital transformation.
Toward Customer-centric Payments Operating Models
Based on a survey of Dutch banking executives, we identify the strengths and weaknesses of payments operating models (including selective outsourcing) in a demanding, highly regulated business sector and recommend a customer-centric model.
Future-Proofing Insurance: Deepening Insights, Reinventing Processes and Reshaping Services
Insurance carriers face an imminent sea change in how their mission-critical processes remain efficient, agile and innovative. Ensuring relevance in the future requires redefined business models fueled by heightened productivity across “business as usual” activities.
Bank Mergers and the Critical Role of Systems Integration
Bank mergers and acquisitions have become increasingly common worldwide — compelling institutions to migrate and integrate technologies from various areas within and outside the core organization. Advance planning and due diligence can help assure a seamless integration and minimize issues related to interconnectivity, the market, credit quality, innovation, liquidity and regulatory compliance.
Default Mortgage Servicing Simplified
Default mortgage servicers face a daunting array of regulatory and operating challenges, making a unified default servicing platform an excellent option. We weigh the pluses and minuses and assess build vs. buy considerations.
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.

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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