Rao Peddada - Reflections Journal Issue 1
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![Reflections is a thought-leadership journal published by Cognizant Our mission - photo 1](/uploads/posts/book/5685/images/cover.jpg)
Reflections is a thought-leadership journal published by Cognizant. Our mission is to provide unique insights, emerging strategies and proven best practices that globally-minded financial services companies can use in their quest for business and IT performance excellence.
Our editorial board is chaired by Rao Peddada, Vice President, Cognizant Banking & Financial Services, and includes Curt Girod, Vice President, Business Consulting; Pradeep Hardikar, AVP, Business Consulting; Alan Alper, Director, Corporate Marketing; and Lisa Stapleton, Field Marketing.
All articles published in Reflections represent the ideas and perspectives of the individual Cognizant associates and contributors who have documented expertise in business-technology strategy and implementation. The content of the articles published in Reflections represent the views of the individual contributors and not necessarily those of Cognizant. They are put forward to illuminate new ways of conceptualizing and delivering global services for competitive gain. They are not intended to be, and are not a substitute for, professional advice and should not be relied upon as such.
For more insights, and to continue the conversation online, please visit our e-community at http://cognizanti.cognizant.com.
ISBN-13: 978-1-61750-475-4
Copyright 2010, Cognizant Technology Solutions
No part of this publication may be used or reproduced in any manner whatsoever without written permission of Cognizant.
Models Across the Global
Financial Services Industry
Change appears to be the only constant in the global financial services industry and we anticipate the pace to accelerate. At Cognizant, we continually follow developments in industry structure and business models and analyze their impact on technology and operations. Reflections is one channel to share our insights and expertise with our clients and to initiate a dialogue to respond to these changes.
Some changes are obviously driven by the immediate aftermath of the financial crisis. Banks and public financial institutions are still in the midst of rationalizing their balance sheets and their primary and secondary lending operations. Regulatory overhaul is expected to continue following the G-20 meeting in Toronto earlier this year, which set the direction for recovery from the recent global recession and the still-evolving European debt crisis. Already in the United States, the Obama administration has passed a sweeping overhaul of the financial services system which is expected to affect almost all banking and capital markets participants.
Perhaps less obvious are forces that are reshaping underlying business models. These include the rise of the socially-networked consumer, the impact of the Millennial generation, and the continued accelerated growth of emerging markets. On the supply side, increasing adoption of new technologies and process enablers (e.g., mobile banking, rich Internet interfaces) and highly-globalized delivery models are providing significant potential to reduce operating costs amid rising competition from non-traditional players.
Our latest issue of Reflections offers our perspective on the impact of these changes on products, services and operating models in driving growth while ensuring regulatory compliance. We open with an examination of the major trends driving change across the financial services industry. Next we offer a more creative and productive way to holistically embrace business process outsourcing and illustrate how improvements in user interfaces can facilitate better online customer experiences. We also examine a unified approach to setting up a credit and market risk infrastructure and how lenders can mitigate mounting mortgage losses by working proactively and with tighter controls. Finally, we highlight what European financial organizations need to do to stay current with landmark regulatory changes and industry initiatives that promise radical alterations to the banking and brokerage businesses.
We invite you to participate with us in an ongoing dialogue about the changes our industry faces, and the technological and operational impacts of these changes. Feel free to contact us at reflections@cognizant.com. We also encourage you to participate in an ongoing discussion within our Cognizanti e-community by visiting cognizanti.cognizant.com.
Rao Peddada, Vice President, Banking & Financial Services Practice
the New Normal:
A Roundtable
Discussion
The credit crisis may be forcing financial services companies to assume a back-to-basics posture, but leading players continue to apply new technologies to support more cost-efficient ways of doing business that enable them to keep pace with ongoing regulatory and demographic change.
The financial services industry -- locally and globally -- is at an inflection point, portending enormous change, along with measureless opportunity. The global economic crisis continues to alter the underlying market structure, as well as firms' business models. Demographic trends like the rise of the mobile, socially-networked consumer and the growth of emerging markets are transforming where and how financial services are delivered and consumed.
David Potterton, vice president of global research for IDC Financial Insights, leads a panel discussion at Cognizant Community 2010.
While many firms are going back to basics and focusing on core deposits and asset gathering, political leaders are pressing for increased lending. But managing the risk and cost of acquiring and developing the right customers remains challenging. At the same time, novel products, services and channels are creating new potential revenue sources. Regulatory developments are expected to force even greater change to products, services, business processes and supporting technologies.
Industry leaders discussed these themes and others in a roundtable discussion at the Cognizant Community 2010 Summit held in March in Scottsdale, Ariz. Led by moderator David Potterton, vice president of global research for IDC Financial Insights, the panel consisted of a cross-section of industry leaders, spanning the banking and brokerage continuum.
Our panelists discussed the key themes for their businesses this year. The CIO of a retail bank discussed the impact of an acquisition his bank completed in 2008, especially the task of integrating IT systems for the two large institutions. A lot of mergers fail because of IT integration, he said. And we certainly don't want to be part of that statistic.
A director at an online brokerage company that has grown by acquisition in recent years told attendees that the buying spree is providing an opportunity to take the firm's IT systems to the next level. He is looking at purchasing commodity IT applications (or continuing to use packaged IT applications) to remove the application development burden, enabling the company to focus more on differentiating itself from its competitors.
A senior executive from a global credit card company said his firm has three areas of focus this year: helping the business cut costs, keeping customer service as high-touch as possible and growing revenue. We are looking to be even more efficient and lean. That's an ongoing priority, he said. The trick, of course, is keeping costs down while maintaining the firm's high levels of service. We are also trying to use the new norm -- depressing as it may be -- to our advantage so we can actually grow revenue, he said.
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