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COGNIZANT CONSULTING
Helping organizations engage people and uncover insight from data to shape the products, services and experiences they offer
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Perspectives

The Pivot to Digital: Three Imperatives for Banks and Financial Services Companies

2019-01-22


Threats to market share posed by fintech innovations are pressuring banks and financial services firms to morph into technology companies. Based on our work with industry incumbents, we present the top three digital engineering imperatives — and strategies to achieve them.

Incumbent banking and financial services (BFS) players are relinquishing their traditional technology approaches to adopt a lean start-up mindset that prioritizes investing in modern digital capabilities. Agile product teams, modern work patterns and digital technologies are recasting how these organizations conceive, build and deploy software products and portfolios. This, in short, is what we call "digital engineering."

In our work with BFS companies, we found that retaining and attracting customers, eliminating technical debt, and reducing data center costs have emerged as the top three most-common digital engineering imperatives. This infographic lays out the strategies BFS players can deploy to successfully achieve these digital engineering goals.

To learn more, read “Digital Engineering: Top Three Imperatives for Banks and Financial Services Companies,” visit the Digital Business section of our web site, or contact us.

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The Pivot to Digital: Three Imperatives for Banks and Financial Services Companies