Skip to main content Skip to footer
Cognizant in the News

Journal du Net, France: Europe Head of Cognizant’s Center for the Future of Work Says Financial Services Companies Must Embrace Highly Personalized, Integrated Services to Win in the Digital Era

“No other industry feels the impact of digital as much as the banking and financial services industry does,” says Euan Davis. “Understanding the opportunity digitalization offers means understanding how Europe’s thriving Fintech scene underpins the wave of hyper-personalization and new start-ups continue to change expectations and challenge companies to innovate processes across the front, middle and back office.” Excerpts:

“The focus for them is on next-generation banking experiences set around social media functionality and which are challenging incumbents to keep up.

The challenge for traditional banking and financial services companies is to go beyond their established transactional relationship with customers, and embrace highly personalized, integrated services to win in this new era: This can only be achieved through partnerships, co-creation and accelerated innovation cycles.

With an estimated 70% to 80% of their IT budgets spent on infrastructure maintenance — or keeping the lights on — organizations must shift their IT budgets to meet today’s digital demands.

Accelerating investments in digital tools, technologies and ways of working could propel revenue growth by more than 12% globally in 2018 for the 333 companies surveyed, up from 5% today. This would unlock a value to the tune of $180 billion worth of revenue per year globally.

With the implementation into law of the General Data Protection Regulation (GDPR) by May 2018, the onus for protecting data will be fully on organizations. Financial services companies will need to show that they can handle customer data responsibly and maintain trust.

To ensure an indispensable numeric transition, the banking and financial services key players have to be proactive and prepare their organization for the future realities of work. An organization reluctant to experiment with new solutions jeopardizes its capacity to exploit the opportunities provided by digital.”

Click here to read the article in French.

Connect with Cognizant

Careers

Be part of our journey to make a difference.

Contact

Let’s start a conversation.

Investors

View prior earnings releases and more.