Business as Unusual in Banking & Finance

Evaluate your organization’s future readiness with the “Future-Ready Business Benchmark” developed by Economist Impact and supported by Cognizant.

In recent years, a rush of RegTech has emerged to address anti-money laundering transaction monitoring. Yet, most banks are still using antiquated platforms that hamper a true transformation.

The banking sector is undergoing radical transformation. Changing business models, disruptive technologies, fintechs, and compliance pressures challenge incumbent firms. To this full-service bank, the new data platform enables data-driven outcomes as steppingstone of a new ecosystem with robust compliance and structured/unstructured data access.

The data and analytics landscape is changing fast, but if you can’t demonstrate the business value in AI, data and analytics initiatives it can lead to reduced budget and lack of involvement for these initiatives. A key factor is to quickly find out the current state of maturity. With our Rapid assessment framework, you can clarify your status – within a week.

How can banks and financial services enable a faster, more purpose-driven cloud adoption? What are the secrets to success and the potential pitfalls? A hint: don’t just move existing processes to a new platform.

Becoming a global player in financial services doesn’t happen overnight. For the Nordic region, reaching power-house status in banking and financial services (BFS) may feel like a tall ambition, yet it’s not so far-fetched when we consider the unique capabilities that could propel our financial sector to the same height as in London or Hong Kong.

As the transition to a low carbon economy intensifies, in the Nordics and elsewhere, there is an increasingly strong focus on improving sustainability related information and transforming business activities in the financial sector. Some insights from the field.

A Salesforce-based solution is improving this firm’s relationship with independent brokers, by providing a consistent and coherent window into its processes. Both user experience and quality have changed to the better.

The very core of what it means to be a traditional financial services institution is dissolving. While many of the ongoing changes address customer experiences and new technologies, one piece is still missing: operations. A majority of organizations continue to rely on the same old operational model.

How can Nordic companies extend automation initiatives throughout the enterprise to maximize gains? Currently, automation silos between different tech initiatives prevent teams from reaping the synergies and reaching their digital transformation goals. This is exactly what Cognizant Neuro addresses; it sits on top of automation tools, forming a single, intuitive automation fabric.

Modernizing the application portfolio is a critical step in any cloud migration. Building agility, reliability and scalability into enterprise software will position organizations to respond more effectively to continuous change. And application modernization efforts don’t need to stop because of Covid-19; they just need to be re-imagined.

Denmark’s third largest customer-owned life insurance and pension company had a vision to create value for their customers by offering digital solutions that could be accessed anywhere at any time. Over the 24-month implementation, Cognizant successfully migrated over 750 mailboxes, two terabytes of Microsoft OneDrive data, 200 SharePoint sites and 40 key business applications without disruption.

How can banks position themselves for faster, more purpose-driven cloud adoption? What are the pitfalls? How should they think about multi-cloud strategies and the “hyperscalers” to unleash the business value from cloud?

Robotic process automation (RPA) is helping banks engage customers in real time, increase efficiency and productivity, and tap into the benefits of straight-through processing without a significant overhaul of their underlying systems. These are the areas where RPA is most often applied.