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Innovation Beyond The Four Walls

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FEATURED NEWS

February, 08, 2016

Cognizant Reports Fourth Quarter And Full Year 2015 Results

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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
Cognizant ModelEye is designed as a complete end-to-end model risk management platform for all your model governance needs.
A wide variety of services across the financial services spectrum:

OUR LATEST THINKING

Secure Payments: How Card Issuers and Merchants Can Stay Ahead of Fraudsters
Our latest research reveals that merchants and card issuers should take a layered approach to mitigating risk, by working with consumers to improve fraud detection and prevention.
Migration Decoded
As the crucial role of software and data migration rapidly grows with the pace of technology change, consider these 10 key issues for a successful migration, such as assessments, migration approach, use of accelerators, merge strategies, validation and testing and change management.
Gearing Up for the Internet of Payments
Made possible by the Internet of Things, a host of IP-instrumented devices and appliances are opening vast opportunities for banks to play a bigger role in the lives of their customers.
Overcoming Ongoing Digital Transformational Challenges with a Microservices Architecture
IT organizations must look beyond yesterday's monolithic Web applications and embrace microservices, whose loosely-coupled architectures speed development, testing and deployment.
U.S. Consumer Banks and the Potential of Location-Based Offers
The increasing use of mobile devices, plus advances in location-aware technologies, are driving the adoption of location-based services across customer-facing industries, including retail. U.S. consumer banks can take advantage of this trend by using the vast amount of customer data they collect to help retailers develop contextually relevant, location-based offers that strengthen and grow customer relationships and position retail banking services as more than mere commodities.
Digital and Personal: Future‑Proofing Airport Operations and Services
By applying Code Halo™ thinking and the Internet of Things (IoT), airports can make meaning from the digital data generated by passengers, employees, devices and processes, enabling them to create highly personalized, "just in time" travel services, deepen insights across the airport value chain, tighten safety and security and grow revenue.
Digital Payments Strategy for U.S. Retail Banks
Retail banks face a growing threat from nonbanks in the digital payment space; our analysis indicates how banks must move in terms of peer-to-peer (P2P) payments, mobile payments/wallets and crypto-currencies to preserve their dominance in the crucial payment area.
Mortgage Banking: A Holistic Approach to Managing Compliance Risk
With regulatory compliance requirements rapidly on the rise, we offer a full-spectrum approach for mortgage banks for compliance risk management, combining regulatory analysis, identifying competing regulations, instituting operational process controls, effective data quality and document management strategies.
A Holistic Approach to Property Valuations
A brief guide to incorporating all available data, structured and unstructured, in the property valuation activity, by choosing key variables and running textual analysis.

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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