Read this article about Cognizant, Best Achievement in Data Analytics enabling Operational Excellence, selected by the independent judging panel, for the 2020 Business Transformation & Operational Excellence Industry Awards program.
Cognizant Digital Operations is one of the largest provider of front to back services to clients in Banking and Financial Services covering processes across Capital Markets, Banking, Lending and Mortgage operations. Our objective is to not only ensure risk and error free delivery, excellent customer service and regulatory compliance to our clients but also collaborate with them and explore opportunities to improve the delivery and operational outcomes in a sustained manner. Our strategy to deliver this starts with reimagining the process and harness the power of new age digital and data science technologies to create a human centric and agile operating model which increases efficiency, reduces complexity and improve both employee and client experience.
Banking and Financial Industry is facing some common operational challenges that are cutting across the processes and value chain. These are due to multiple disconnected systems, vast amount of data – both structured and unstructured which need to be processed for transaction validation & decision making and lack of aggregated process view to make a timely intervention in the event of any risk incident. One of the example is KYC process where high no of false positives during background verification process not only increase the time & effort on investigation by over 70%-75% but also delay the entire process resulting in the continuous struggle on meeting the regulatory compliance. Combined with business intelligence tools or core platform, Analytics solutions provide an opportunity to use the power of data science to address these problems in effective and cost efficient manner.
We are utilizing the data already available with our clients – System, Document, Report etc. and implementing data analytics solutions to enable quicker decision and faster turnaround, simplified process and improved productivity. These solutions are implemented across the value chain - client life cycle management, transaction processing, reconciliations & reporting.
- Simplified KYC Background Checks – ‘R’ based data extraction solution to compare negative news search results of previous and current year - available in form of pdf downloads and helps the team identify the incremental and new hits that require vetting. More than 50% improvement in turnaround time as compared to earlier when employee has to eye ball these 200-2000 pages documents together
- Enhanced breaks reconciliation capability – “Python” based plug in to core reconciliation system which enhances the matching capability by doing many to many, pattern based matching of breaks which is not feasible with rule based matching in existing system design- 60% reduction in manual matching effort
- Streamlined email monitoring, interactive dash boards & reporting - Data Analytics tools like Python, R or Alteryx to aggregate and analyze the data coupled with Tableau or Power BI to provide on-demand & real-time information. This enables quicker decision-making and a proactive management of process. One such example is implementation of command center for a leading mortgage provider to monitor the actual health of the process. This has reporting timeline clearly defined and escalation matrix on metrics which has a risk to SLA and defined timeline early in the stage before it becomes an actual risk
These solutions clearly demonstrate the power of analytics and vast potential for Banking & Financial Services e.g. KYC solution is now enhanced to perform Automated and comprehensive web search on counterparties and entities jointly / counterparties individually using Google API deploying NLP algorithms. Analytics is way forward for Banking and Financial clients as they are now gearing towards era of Automation 2.0 which is evolution from Robotics process automation
About the Awards
The Business Transformation & Operational Excellence Awards have been established to showcase globally the most outstanding organizational achievements through the application of Operational Excellence programs. Click here to view the Press Release.
The winners will be announced at the Awards Ceremony at The Business Transformation & Operational Excellence World Awards (BTOES) on Wednesday, March 25th, 2020, from 6.30pm in the Venetian Ballroom at the Loews Portofino Bay Hotel at Universal Orlando Resort.
The Business Transformation & Operational Excellence Awards are open to all organizations, both private and public sector, across the globe, which have implemented Operational Excellence programs to deliver outstanding business results.
The Awards will be held in conjunction with the Business Transformation & Operational Excellence World Summit, BTOES 2020 in the beautiful Venetian Ballroom on March 25, 2020 at the Loews Portofino Bay Hotel at Universal Orlando™️. Click to access the agenda, view the current speakers, and watch the highlights video from last year.
BTOES.com
The issues in this article are just one of topic areas that are going to be discussed at the Business Transformation & Operational Excellence World Summit & Industry
BTOES is the industry’s biggest and best, senior-level, cross-industry gathering of Business Transformation & Operational Excellence industry leaders and senior executives.
It also hosts the Business Transformation & Operational Excellence Awards, which showcase globally the most outstanding organizational achievements through the application of Operational Excellence programs.
The summits hosts a number of private forums for C-Level & Global corporate-level leaders as well as business unit heads.
With over 150 speakers, over 100 sessions, 12 Keynotes, 9 Track Themes, 5 parallel tracks, 60+ track sessions, 50 roundtable discussions, 20 Interactive Workshops, 6 Thought Leader Panels, 5 Leaders Boardrooms, 5 co-located events, the Industry Awards Program, Site Visits, 20+ hours of social networking including 2 gala cocktail parties, dinners, numerous group activities, this is the ultimate event to benchmark, network and drive Operational Excellence to the next level.
Quick Links
There is a strong focus on Cultural Transformation, Customer Delight, Sustaining an Operational Excellence program, Need for end-to-end Business Transformation, Keeping up with new technologies/impact of digitalization and Leadership Buy-in & Understanding. We dedicated two tracks to advanced technologies, such as AI, Machine Learning, RPA, Predictive Analytics, Blockchain, Cloud infrastructure etc.
The agenda is designed to encourage active meaningful conversations though all day enhanced networking and interaction opportunities, including
-
All-day Refreshment & Themed Breaks
-
1¼ Hour Hot Breakfast Networking Sessions
-
1½ Hour Hot Plated Networking Lunches with Topic & Industry Sector focussed tables
-
1½ Hour Roundtable Sessions by Topic & Industry Sector.
-
Keynote & Themes Panel Sessions
-
Hosted Welcome Receptions from 5.30pm
-
Expanded more lavish Awards Program
-
Newly launched Night Summit for attendees to meet after dinner
For more information or to discuss the summit in more detail please schedule a call below,