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Innovation Beyond The Four Walls



July, 24, 2014

TransCelerate Selects Cognizant to Develop a Clinical Trials Collaboration Platform


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:


Embracing the Cloud to Make Risk Reporting More Efficient
How banks' risk reporting benefits with the increasing adoption of cloud computing technologies such as infrastructure as a service (IaaS) and software as a service (SaaS): scalability, data integrity, analytics and more.
Marketplace Lending: A Maturing Market Means New Partner Models, Business Opportunities
In the financial services industry, marketplace lending, also known as P2P lending, initially focused on online lending and borrowing as an alternative to traditional banking systems. Today, conventional banks, other financial institutions and institutional investors are looking at these platforms as a way to realize better returns and diversify their portfolios. To take advantage of this opportunity, marketplace lenders must focus more on security, venture into areas like remittances, understand the preferences of target users and reasons for default and form viable partnerships with conventional banking institutions.
The Dodd-Frank Act and Its Impact on U.S. Remittances
Worldwide, remittance flows are expected to increase to US$615 billion during 2014. Although the United States is among the biggest destination countries for international remittances, U.S. regulators have only indirectly addressed this issue. The Dodd-Frank Act significantly changes this situation by maintaining direct regulation of the industry for the first time. Section 1073 of the Act amends the current Electronic Fun Transfer Act. Compliance will require time, effort and in many cases a range of new measures for banks and related financial institutions.
Mobile Banking Security: Challenges, Solutions
With the proliferation of online mobile banking services, security is a key issue. We offer a primer on security challenges and applicable controls/remedies. This includes solutions such as Trusteer Mobile SDK, Arxon's EnsureIT and Dexguard.
The Case for Agile testing
To integrate testing in the Agile software development lifecycle, the QA team must collaborate with the Scrum master and product owners throughout the process, including manual regression and automated regression testing.
Diagramming Change to Better Inform Business Process Renovation
To gain the full benefits of business process management, banks must apply a business process model and notation-driven approach that identifies organization-wide process re-engineering and change management issues before they undermine project success.
Bank(ing) on Data Science
By embracing data science tools and technologies, banks can more effectively inform strategic decision-making, reducing uncertainty and eliminating analysis-paralysis.
How Banks Can Use Social Media Analytics To Drive Business Advantage
Strategic use of social media can dramatically impact not only how banks market their products and services, but also how they conduct risk management, product and service design, business forecasting, competitive analysis and customer education.
The SEC's Proposed Market Fund Reform: New Challenges for Market Participants
Recently, the U.S. Securities and Exchange Commission (SEC) proposed two approaches to money market (MMF) reforms -- both intended to help curb systemic risks. Regardless of the approach the SEC chooses, the MMF industry will have to grapple with significant challenges, and examine the economic viability of managing MMFs in the future.
A Statistical/Mathematical Approach to Enhanced Loan Modification Targeting
We demonstrate, with a transition matrix, how real estate prices as well as "trigger events" can affect the likelihood of homeowners re-defaulting in loan modification programs.


  • 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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