<h5><b>Banking & Capital Markets case study</b></h5>
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<h3 class="m-0 pb-1"><b>At a glance</b></h3>
<p><span class="text-accent1-light"><b>Industry<br> </b></span>Financial services</p> <p><span class="text-accent1-light"><b>Location</b><br> </span><span style="line-height: 26.0px;">Global</span></p> <p style="margin-bottom: 0; line-height: 26.0px;"><span class="text-accent1-light"><b>Challenge</b></span></p> <p>Replace a problematic messages-and-alerts platform with a faster, more secure and more cost-effective solution</p>
<p><b><span class="text-accent1-light">Success Highlights</span></b><br> </p> <ul> <li>Saves $120,000 in annual licensing costs</li> <li>Achieves 10x faster throughput</li> <li>Speeds new business lines’ time to market</li> </ul>
<h3><span class="text-accent2-dark"><b>Our approach</b></span></h3> <p class="pb-1 mb-0">Cognizant was selected due to our 20-year working relationship with the company, providing consulting, infrastructure, M&E, development, testing and operations support services. After evaluating the organization’s needs, we recommended developing an in-house tool to replace the vendor product and provide more flexibility in managing the resiliency of the system.</p>
<p>As part of a two-month engagement, the Cognizant team developed a new business message processing platform, with a dedicated self-service portal that enables the organization’s lines of business to onboard and set up alerts within minutes. In addition, the portal gives each business line the option to customize alert templates and determine which alerts should be distributed.</p> <p>Built with a combination of enterprise integration patterns and best practices, the new messaging platform uses 100% open-source technology, including the Spring Integration and Kafka platforms.</p>
<p class="pt-1">A side benefit of the engagement: The company has simplified its data storage, using a complex migration strategy that nearly eliminates downtime. While Cognizant developed rollback capability, the build, migration and delivery proceeded seamlessly, with no rollbacks needed.</p>
<h3><span style="font-weight: normal;"> <b><span class="text-primary">Business outcomes</span></b></span></h3> <p>By replacing its third-party messages-and-alerts tool with a new in-house platform, the company was able to terminate its contract with the legacy vendor, eliminating both its annual licensing fee and the ongoing costs of continual third-party tool updates.</p> <p>Multiple other benefits have been realized, including:</p> <ul> <li>10X faster throughput compared to the capabilities of the legacy solution</li> <li>Faster time to market, with four new lines of business onboarded within a month of launch</li> <li>A pluggable workflow architecture that enables system enhancements to be made with minimal development.</li> </ul>
<p class="pb-1 mb-0">The company now has an efficient, high-throughput processing system that helps enhance the end-user experience and enables scalability to increase its customer base.</p>
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