Cognizant Reports

Asian Private Banks:

How to Embrace Digital Transformation
As Asian investors increasingly use social, mobile and analytics
technologies for their wealth management needs, private
banks must take a digital approach to more effectively deliver
meaningful, high-value-adding interactions and tailored advice.

cognizant reports | october 2014

Executive Summary
Wealthy clients in Asia are actively using digital
tools and are expected to rely more on them in
the coming years for their wealth management
needs. However, private banks in Asia continue
to lag behind their clients in adopting digital
technologies, especially social media and mobile.
On the internal front, they face challenges from
information silos, a dearth of skilled employees,
fragmented operations and legacy systems.
Externally, they face regulatory restrictions and
threats from lean startups and non-banking firms.
Banks revenues and margins are also being
adversely affected by rising regulatory burdens,
talent shortages, increasing client acquisition and
servicing costs, and low advisor productivity.
To deliver meaningful, high-value advice to clients,
banks need to gear up for their digital odyssey by
taking the following steps:
Create a holistic digital banking strategy:
Banks embarking on a digital transforma-
tion should clearly define their objectives
and create a holistic digital banking strategy
to achieve them. Banks should evaluate their
current maturity and readiness levels to build
a digitally-enabled business and leverage exist-
ing systems. They also need to strike the right
balance between technology and high-touch
advisor services to create a model in which
both of these service delivery channels symbi-
otically supplement each other.
Manage change: To ensure the success of a
digital transformation initiative, banks should
manage change and address employees
concerns about such initiatives.
Online Activities of Wealthy Asian Customers
6
5.3
5
4.1
Hours per Week
4 3.7
3
2
0
Banking & News Social Media
Investments
Source: Scorpio Partnership and Sungard
Figure 1
cognizant reports
Derive value by deploying digital. This can
happen in a nuber of ways.
Digital-empowered targeting: Banks should
tap into the potential of social, mobility and
analytics to differentiate their value propo-
sition. By using digital technologies, they
can understand and target their customers
accurately with customized products and
services that can be delivered anytime and
anywhere.
Enhanced customer experience: A unified
view of their clients can help private banks
spot up-sell and cross-sell opportunities.
Banks should leverage their technology plat-
forms and use the digital information that
customers generate through their online
interactions and transactions (what we call
a Code Halo) to deliver unique and cus-
tomized experiences to clients at every
touchpoint.1
Improved efficiencies: Banks should invest
in a robust infrastructure, digital technolo-
gies and process automation to effectively
engage with customers on digital channels
and improve efficiencies.
Why Asian Private Banks Must
Go Digital
Investor Reliance on Digital Wealth
Management Tools
Asias wealthy are active users of digital technolo-
gies (see Figure 1). On a weekly basis, they spend
an average of four hours each on instant mes-
saging and social media channels (see Figure 2,
next page).2 Many use digital technologies and
3.3
2.3 2.1
General Online Gaming
Research Purchasing
2
Asian Wealthy Are More Tech Savvy
Time spent on various methods of communication each week.

6
Average hours per week
5
4
3
2
1
0
E-mail

Face-to-face
meetings

Telephone
calls

Secure
Web portal

Social
networking

SMS/
text messages

Written
communications

Instant
messaging

VOIP calls
The Americas Europe Asia-Pacific
Source: Scorpio Partnership
Figure 2

channels to track and educate themselves about support their wealth management transactions
wealth management and to select advisers based and decisions.5 For instance, clients reviewed
on online ratings and reviews. Over the next portfolios, checked performance analyses, read
five years, wealthy clients in Asia are expected market reviews and found securities information
to increase their use of digital communications on the online accounts provided by their banks.
(see Figure 3).3
Private Banks in Asia Lag Behind Customers
According to a 2014 Futurewealth Report, 92% There are numerous reasons why private banks in
of the 3,025 wealthy investors surveyed4 world- Asia are playing catch-up with customers who use
wide were going online to learn about and digital tools to manage their wealth. These include:

Rising Use of Digital Communications

How long do you currently spend using the following communications each week, and do you plan to use
these communications more in five years time?

Meeting Secure
Face-to- Telephone Web Social Instant VOIP
E-mail Face Calls Portal Networking Written SMS Messaging (Skype)
much more in five years time

56% 36% 40% 46% 47% 28% 40% 44% 33%

Percentage planning to use

Asia Pacific

41% 24% 19% 31% 23% 17% 25% 19% 19%

Americas

33% 20% 19% 30% 22% 16% 19% 19% 28%

Europe
Current
weekly
usage

4.9 4.5 3.9 3.5 3.2 3.0 3.0 2.6 1.9

hours hours hours hours hours hours hours hours hours

Source: Scorpio Partnership

Figure 3

cognizant reports 3
 Slow adoption of mobile and social media:
We studied 21 top private banks operating in
Asia. Of these, three-fourths do not offer a
full-fledged mobile wealth management
app to their clients. Of the 50 leading global
private banks surveyed by Assetinum in 2012,
only 22 had a smartphone-optimized Web site,
while 14 banks did not have a mobile app.6
According to a Wealth Briefing report, in 2013
a significant percentage of institutions glob-
ally did not offer mobile apps and social media
channels to help clients communicate and
transact. This, however, is expected to improve
in the next three years (see Figure 4).7
Internal challenges:
Skills: With a dearth of skilled analysts,
private banks are struggling to derive
meaningful insights from client data. In a
CEB survey, 60% of respondents said it was
important to organize data for decision-
making and actionable business analytics,
but only 36% believed their organizations
had the ability to do so.8
Organizational structure: The organiza-
tional structure at most banks results in
information silos, with each group owning
and mining its own data sets. With many
firms lacking a central team with a mandate
Digital Revolution Underway
Institutions that enable clients to
transact business or issue instructions
through digital channels now and in
three years time.
100
Percent of Institutions
80
60
40
20
0
2013 2016 2013 2016 2013 2016
Dedicated Web site
Social media (Twitter, Facebook, etc.)
Note: Respondent base includes chief technology officers of firms that cover major wealth management
markets and together have over $1 trillion of assets under management.
Source: Wealth Briefing
Figure 4
cognizant reports
to run digital technologies across silos,
they fail to leverage the true inferential and
predictive powers of digital technologies.
Fragmented operations: Many firms
functional systems architecture lacks
standardization, proper integration and
consistent firm-level semantics. Combined
with a lack of a strategic vision for manag-
ing IT, this results in IT teams implementing
tactical fixes without resolving the underly-
ing issues.
Regulatory restrictions: In a study by DST
Global Solutions,9 34% of respondents said
a key concern was managing cross-border
data to properly classify clients to com-
ply with cross-border rules. Further, 42%
of respondents said a major challenge for
managing client data was complying with
regulatory restrictions to safeguard client
data when moving across regions.10
Legacy systems: The pervasiveness of
legacy systems and low-technology chan-
nels makes it difficult for banks to meet
compliance requirements and service
clients efficiently. Banks also find it difficult
to integrate the real-time nature of mobile
and online services with their legacy,
back-end core systems.
Institutions that offer clients digital
channels for communication purposes/
access to portfolio information now
and in three years time.
2013 2016 2013 2016 2013 2016
Dedicated smartphone/tablet/PC application
4
 Need to overhaul existing infrastructure: In
many cases, poor investment data practices and
information silos leave banks with incomplete
and fragmented client and investment data.
This makes it difficult for banks to decipher
and understand customer portfolios. Banks will
also find it difficult to meet the rising demand
for an integrated and online client experi-
ence unless they overhaul their infrastructure
(see Figure 5).
Business Priorities of Asian
Wealth Advisors
Priority Level Business Activity
1 Business Intelligence
2 CRM Systems
prerequisite for clients in the digital age. Industry
executives cite industrializing11 the advisory pro-
cess and automating back-end processing and
compliance solutions as top priorities for their
wealth management platforms (see Figure 6).
Use cases for industrializing the advisory process
include:
Streamlining the client onboarding process
to avoid multiple data entries.
Automating risk and suitability assess-
ments when clients order a specific product.
Sending targeted product information or
investment ideas to clients based on their
suitability and risk profile.

3 Risk Management Tools Generating a unified reporting view across

4 Financial Planning Tools multiple accounts.

5 Recruitment
6 Investment Research, Market Feeds
7 Training
8 Compliance Tools
9 Portfolio Modelling Tools
10 Branding & Marketing
Source: Scorpio Partnership
Figure 5
In the absence of robust integration of the digi-
tal technology infrastructure in the front, middle
and back offices, banks will find it difficult to
achieve efficiency and seamless operations a
New competitors: Lean startups12 and other
non-banking firms13 have started offering
automated investment advisory services.
While they have not yet targeted the
ultra-high-net-worth (UHNW) segment, they
are likely to disrupt the industry in the future.
This will put pressure on incumbent players to
invest significantly in technology just to keep
up with the new entrants.
Cost pressures from rising customer
acquisition and servicing costs. Banks face
increasing costs of acquiring and retaining
high-net-worth (HNW) clients in Asia who have
relationships with multiple banks.14 Similarly,
the cost of acquiring and retaining talent is

Priorities for Wealth Management Platforms

35
Percent of repsondents

30
25
20
15
10
5
0
Grow the front
Industrialize Back-end Automate Product
office
advisory processing compliance innovation
processes automation solutions
Source: Hubbis audience sentiment poll, Asian Wealth Management Forum 2013, Singapore
Figure 6

cognizant reports 5
 increasing due to a dearth of talent. Accord-
ing to McKinsey & Co., private banks cost to
serve clients was higher in 2011 compared with
20082010 due to a rise in compensation and
reduced advisor productivity, coupled with
greater client servicing requirements (see
Figure 7).15
Stringent and complex regulatory environ-
ments across Asia are driving up compli-
ance costs. Regulations such as Basel III, for
instance, hamper banks abilities to generate
profits using their balance sheets.16
Revenues continue to be under stress. At 80%,
the cost-to-income ratios of private banks in
Asia are among the highest in the world.17 The
margins for banks are decreasing as clients
deleverage portfolios and opt for simpler prod-
ucts to reduce risk.
Low advisor productivity: The average
number of clients handled by Asian advisors is
86, which is higher than the global average of
50 to 60 clients.18 The inability to forge strong
relationships with clients and the lack of
access to productivity-enhancing digital tech-
nologies is making it more difficult for advisors
to capture additional client assets. Advisors in
Asia have, on average, 20% less assets under
management than those in Europe.19
Gearing Up for the Digital Odyssey
Create a Holistic Digital Banking Strategy
Digital transformation is not just about adding
new technology-enabled features or applications;
it is an entirely new business and service model.
Banks embarking on this journey should start
with well-defined objectives:

Profit Margins in Asia Under Pressure

Basis points (assets under management), 2011

Net Revenues
107
78 83 78

U.S. Western CEE* Asia**

Europe
Operating Profit
77 83 106 84 53

26 24
75 84 103 88 11

68 90 106 99
U.S. Western CEE* Asia**
Europe
Operating Costs
67 25 24 56 14
53 59 54

21 20 53 15

26 26 56 20
U.S. Western CEE* Asia**
Europe
Key
52 64 50 70
Decrease 2011 levels
51 64 50 73
Increase 2010 levels

42 61 50 79 Stable 2009 levels

2008 levels
*CEE: Central and Eastern Europe
** Excluding India
Source: McKinsey Private Banking Survey
Figure 7

cognizant reports 6
 First, banks need a long-term strategy with a
tangible digital blueprint. The digital blueprint
should be extensible, capable of adapting to
evolving changes in regulations, markets, tech-
nology, product strategy, client interactions
and engagement. It should also have a client-
centric view and specific measurable goals.
Second, banks should have a tactical plan that
delivers immediate wins and addresses client
and internal demands, while helping the bank
establish its digital presence. Banks should
also develop product, pricing and servicing
strategies (utilizing digital technologies) to
meet the needs of every client segment.
Third, banks should evaluate their current
maturity and readiness and focus on how best
they can leverage their existing systems to build
a digitally-enabled architecture and business.
Digital transformation is not about replacing
the high touch that associates currently deliver
with digital tools and technologies. Instead,
banks need to balance technology and touch to
create a model in which both approaches
symbiotically supplement each other. Banks can
combine personal client relationships with technol-
ogy-enabled services to deliver collaborative and
virtually enriched relationships. This will help
banks serve clients with a tailored combination of
traditional and digital banking services and offers.
The agility and ability of banks to adopt processes
and technologies will be vital to building a digi-
tally enabled architecture.
To succeed, private Banks must redefine their
banks should value proposition to clients
fundamentally by using technology to
manage and simplify the
shift their mindset complexity of their wealth
and focus from management offerings.
selling products to They should build capabili-
ties to efficiently segment
servicing clients. and target key customer
groups with tailored products using efficient
distribution strategies.
To succeed, private banks should fundamentally
shift their mindset and focus from selling prod-
ucts to servicing clients. The strategy should
include a long-term view and commitment as
most digital transformation initiatives are multi-
year undertakings. (For more on building a road-
map for a digital transformation initiative, read
cognizant reports
our report, Digital Banking: Enhancing Customer
Experience; Generating Long-Term Loyalty.)
Manage Change to Ease Transformation
Managing change is essential to the success of a
digital transformation initiative. To start with, top
management should exhibit strong leadership
to drive change across the organization. Private
banks should take steps to effectively address any
concerns or resistance that advisors might have
about digital transformation initiatives by set-
ting up multiple channels of communication and
digital banking champions.
To allay advisor concerns of being disinterme-
diated by digital tools and self-service digital
channels, organizations should deploy digi-
tal technologies to handle non-value-adding
activities such as administrative tasks, scan-
ning documents, sharing client information with
back-end systems and document management.
This will save advisors time and provide uni-
fied views of customers for them to deliver tai-
lored advice. Banks should then focus on helping
advisors use the extra time and digital tools
effectively and deepen their relationships with cli-
ents, which will likely result in increased revenues.
The reallocation and realignment of traditional
responsibilities among departments will require
a major design effort. Digital transformation
initiatives usually involve significant cost and
effort, as well as a potential re-engineering
of systems and processes. Banks should take
this into account and carefully redesign their
processes and operations to support seamless
omni-channel experiences.
Derive Value
Analytics, big data, mobile and social media can
help banks develop a granular understanding
of their customers and deliver differentiated,
value-adding services to them.
Offer personalized products and services:
Banks can use the advanced information
aggregation and predictive capabilities of
analytics to study market trends, correla-
tions, factor analysis and what-if scenarios
that can forecast fund performance. They can
also anticipate changes in market conditions,
client preferences and cross-selling oppor-
tunities. Banks can use analytics to study
clients investment strategies and returns
and select the best of these to generate highly
7
 personalized offers and information.20 They
can deploy analytics to identify what custom-
ers need, such as in-depth analysis that is rele-
vant to their investment portfolio and tailored
to meet their risk appetite. Delivering this kind
of service in real-time to the right clients can
become a strong selling point for banks.
Consider Commonwealth Bank of Australia,
which unified its data foundation by modern-
izing its IT systems and strategically invest-
ing in analytics, social media and mobility.21
This capability is allowing the bank to pro-
vide personalized offers that are relevant to a
customers needs. For instance, it offers
home loans and insurance products to clients
who visit its site after searching for proper-
ties online. Similarly, the bank also collects
and analyzes transaction and other data to
determine appropriate products with the right
pricing for its customers.
Serve clients quickly, anytime/anywhere:
Mobile tools can improve the quality of service
and advice, streamline the sales process and
save time for advisors (see Figure 8). Through
improved presentation of data and insights,
mobile tools can help advisors deliver a high-
quality client experience. Advisor productiv-
ity can be improved by deploying front-office
tools that are accessible anytime and any-
where. Query processing and data retrieval
can be performed quickly using comprehen-
sive analytics and reporting tools.
Tools Begin to Matter
Advisors find mobile tools boost their effectiveness and efficiency.
80
Percent of respondents
60
40
20
0
Improves Improves
advice quality service quality
Ineffective Effective
Respondent base: 1,422
* More than one response allowed.
Source: CEB Wealth Management Advisor Benchmark, 2012
Figure 8
cognizant reports
Banks can serve a highly mobile clientele using
mobile technology. Further, mobile technolo-
gies can help banks address the challenge of
cross-border data and rules. Banks can use
Code Halos to leverage insights derived from
client data by abstracting specifics through
segmentation and clustering. They can then
use the location of a mobile device or access
point used by an advisor to determine whether
specific information can be delivered or not.
Target clients accurately: Banks should com-
bine their client data (structured and unstruc-
tured) from their core systems with social
media content to get a unified and accurate
picture of their clients. Approximately 70%
of HNW clients in Asia look to validate their
wealth management decisions with their peers
using social media.22 Banks can leverage this
behavior by deploying targeted marketing
campaigns and sharing their latest insights
and research with clients via social media
platforms. They can also connect clients who
share common interests. For instance, Jyske
Bank, a Danish private bank, makes heavy use
of social media to engage with, update and
build online communities of customers.23
As clients in Asia place more importance to
peer feedback and word of mouth, banks
should use social channels to build their brand
and develop advocates from their client group.
Private banks should identify prospective
clients using their public profiles that can offer
Improves Saves me time None of the above
sales process
8
 insights into their lifestyles, major milestones
in life and interests. Banks can also use such
data to determine high-value clients to pur-
sue. They should leverage their existing client
base to see if they can provide introductions
and recommend their contacts or acquain-
tances with high net worth. Jyske Banks
online TV station, a key differentiating feature,
provides advice about market trends, asset
management and investments to its custom-
ers through expert interviews. In addition, the
TV channels Web site allows customers to
interact with each other and pose questions
to experts. The bank also offers an iPhone app
for clients to manage their accounts.
Enhance customer experience: Investors seek
the same kind of highly personalized, seamless
and consistent experience from banks as what
is provided by companies outside the financial
services industry (think retail, media and enter-
tainment, etc.). To provide such experiences,
banks should learn about their clients from
every interaction to understand and anticipate
their needs accurately. Banks should leverage
their technology platforms and make use of
Code Halos to deliver unique and customized
experiences to clients at every touchpoint.
Private banks must then adopt enterprise-
wide approaches to manage and share client
information to improve the flow of and access
to information by all stakeholders to improve
client servicing. Advisors need to be equipped
with customer insights, tools and capabilities
Benefits of Big Data for the Front Office
Front Office Capture Analytics
CRM
Trading
Portfolio
Management
Reporting
Key: Indicates significant interest in a particular feature of big data
Source: Celent
Figure 9
cognizant reports
that can tell them accurately what their cus-
tomers need. This can be achieved through the
smart management of digital information, the
use of advanced analytics and the integration
of digital channels.
Banks can use gamification to simplify interac-
tions and make routine tasks fun and engag-
ing for employees. Gamification can also help
banks educate clients on wealth manage-
ment and encourage desired client behavior.
Consider FlexScores online investment advi-
sor tool that leverages gamification to engage
clients and explain goal-based wealth planning
to them.24 Consumers are awarded a numerical
score between 1 and 1,000, which reflects their
financial health. Users are awarded points
for their actions, such as reading articles
about investing. The tool visually explains how
harmful financial decisions can decrease their
score. (For more information on how gamifi-
cation can help businesses, read our report,
Gamifying Business to Drive Employee
Engagement and Performance.)
Improve efficiencies: Private banks should
focus on building a robust infrastructure and
automated processes to effectively engage
with digital customers and improve efficien-
cies. This will require banks to integrate
systems, processes and data in the front-,
middle- and back-offices. Banks will also
have to rewire their back-end systems to
support the capabilities they want to deliver
through digital channels. This will help them to
Visualization Examples
Aggregated data provides a unified
view of customers/prospects (i.e.,
linking customer data to the CRM system).
Firms can combine data sources to
help discover, develop and test trading
ideas and strategies.
Data from multiple asset classes and
longer time horizons can help portfolio
managers improve performance.
Access to aggregated data can provide
better insights into reporting systems
across the firm.
9
 accurately trace orders and fully automate
and control processes. It will also enable
orders to be handled consistently, reduce
error rates through reduced manual interven-
tion and boost the rate of straight-through
processing (STP). Automation of processes
and digitization of data will result in improved
regulatory reporting and help create efficien-
cies that can balance high compliance costs.
Private banks can also offer clients self-service
digital tools to manage their wealth. Online
portals, video, e-mail and social media can help
banks more efficiently build sustainable cli-
ent relationships. Banks can reduce costly
face-to-face advisor interactions by provid-
ing clients with interactive self-service tools.
Similarly, video-based tools on mobile devices
can be used to serve clients anytime and any-
where. Low-cost digital channels can reduce
the cost of operations and providing advice,
while continuing to provide interactive com-
munications.25 Banks should focus on com-
bining and providing the expertise of their
internal departments and experts to clients
using mobile technologies.
Improve revenues and reduce risk: Banks
should aim to restructure their systems
to perform more targeted, effective and
relevant data mining. By eliminating silos and
focusing on centralizing data and integrat-
ing disparate systems, banks can update and
unify client information across their systems
for real-time retrieval and usage. Addition-
ally, banks can create opportunities to up-
sell and cross-sell their offerings by using
insights gleaned from client data (see Figure 9,
previous page). Access to and the ability
to view client data across silos can enable
advisors to generate 47% of revenue from
new sales compared with 36% for advisors
who do not have such access.26 Banks can also
reduce their operational and reputation risk by
using big data to understand their customers
better and improve their investment research
and trading capabilities.

Footnotes
1
For more on Code Halos, see our book, Code Halos: How the Digital Lives of People, Things, and Organi-
zations are Changing the Rules of Business, by Malcolm Frank, Paul Roehrig and Ben Pring, John Wiley
& Sons, 2014, or our white paper, Code Rules: A Playbook for Managing at the Crossroads, Cognizant
Technology Solutions, June 2013, http://www.cognizant.com/Futureofwork/Documents/code-rules.pdf.
2
Stepping Into the Communication Age, Scorpio Partnership, January 2013,
http://www.scorpiopartnership.com/uploads/pdfs/2013%20jan_ScorpioPartnership_Future-
wealth2012.pdf.
3
Ibid.
4
Survey respondents had an average worth of $2.9 million (USD).
5
The Futurewealth Report 2014: Upgrading the Service Delivery, Part 2 Scorpio Partnership, March 2014,
http://www.scorpiopartnership.com/uploads/pdfs/140321_Scorpio%20Partnership_Futurewealth_
Paper2_Final.pdf.
6
Social Media Survey Private Banks 2012, Assetinum, 2012,
http://www.assetinum.com/en/social-media-private-banking-2012.html.
7
Technology and Operations Trends In The Wealth Management Industry, Wealth Briefing and
Advent Software, 2013,
http://www.investmenteurope.net/digital_assets/6812/Tech&OpsReport_-_FINAL_FOR_
DISTRIBUTION.pdf.
8
How Client Data Can Transform Sales, CEB, May 2013,
http://www.executiveboard.com/blogs/how-client-data-can-transform-sales/.

cognizant reports 10
9
DST Global Solutions Ltd., a wholly owned subsidiary of DST Systems Inc., provides technology solu-
tions and services to the world's top financial institutions, utilities and communications companies.
10
Maximise Investment Data In Asian Wealth Management, DST Global Solutions and Hubbis, 2013,
http://www.hubbis.com/book/MaximiseDataInAsianWealthManagement/files/assets/downloads/
MaximiseDataInAsianWealthManagement.pdf.
11
Industrializing means to streamline and automate the interactions between advisors, clients
and processes.
12
Dragon Wealth and Wealthfront.
13
Baidu, Alibaba, Google, PayPal and telcos.
14
Asian Private Banking: Today's Boiling Frog? A. T. Kearney and Newtone Associates,
http://www.atkearney.com/documents/10192/640342/pb_report_asian_e+%28final%29.pdf.
15
Navigating the New Era of Asian Retail Banking, McKinsey & Co., July 2013,
http://www.mckinsey.com/insights/financial_services/navigating_the_new_era_of_asian_retail_
banking.
16
The Evolution of Wealth Management, The Banker, January 2012,
http://www.thebanker.com/Banking/Private-Banking/The-evolution-of-wealth-management.
17
Private Banking: In the New Era, A. T. Kearney and Newtone Associates,
https://www.atkearney.com/documents/10192/640771/2012-07-19+Private+Banking+Report+-
+Electronic+%28final%29.pdf.
18
Embracing Digital: A High Stakes Revolution in High Net Worth Client Management, Sungard and
Scorpio Partnership, 2012,
http://www.sungard.com/en/sitecore/content/campaigns/fs/banks/bankofthefuture/forms/
wealth-management/wm-ambit-future-advisors-asia.aspx.
19
Tens of Thousands of Private Bankers Needed In Asia, Execboard in Asia, September 2013,
http://blog.execboardinasia.com/tips-advice/tens-of-thousands-of-private-bankers-needed-in-asia.
20
Private Banks Get Ahead with Analytics, Computerworld, March 2014,
http://www.computerworld.com.sg/resource/guest-blogs/private-banks-get-ahead-with-analytics/.
21
More Personalized Banking through Big Data and Analytics, SAP, September 2013,
http://www.sap.com/bin/sapcom/en_us/downloadasset.2013-09-sep-22-21.more-personalized-
banking-through-big-data-and-analytics-bloomberg-2013-pdf.html.
22
Asia Private-Bank Technology to Follow Netflix-lite Model, Euromoney, February 2014,
http://www.euromoney.com/Article/3313001/Asia-private-bank-technology-to-follow-Netflix-
lite-model.html.
23
Social CRM in German Retail Banks, Bearing Point, 2011,
http://www.bearingpoint.com/de-de/download/0615_WP_EN_Social_CRM_final_web.pdf.
24
A New Planning Tool for Advisers Challenges Clients to Win a Game, InvestmentNews, May 2014,
http://www.investmentnews.com/article/20140502/BLOG02/140509978.
25
Global Wealth Management Technology Spending to Reach $32bn by the End of 2017, Ovum
Knowledge Center, December 2013,
https://www.ovumkc.com/Products/IT/Retail-Banking-Technology/Global-wealth-management-
technology-spending-to-reach-32bn-by-the-end-of-2017/OVUM-VIEW.
26
How Client Data Can Transform Sales, CEB, May 2013,
http://www.executiveboard.com/blogs/how-client-data-can-transform-sales/.

cognizant reports 11
Credits

Author and Analyst

Aala Santhosh Reddy, Senior Researcher, Cognizant Research Center

Subject Matter Experts

Aamod Gokhale, Director, Consulting, Cognizant Banking & Financial Services
Amar Devasthali, Manager, Consulting, Cognizant Banking & Financial Services

Design
Harleen Bhatia, Design Team Lead
Suresh Satyavarapu, Designer

About Cognizant

Cognizant (NASDAQ: CTSH) is a leading provider of information technology, consulting, and business process
outsourcing services, dedicated to helping the world's leading companies build stronger businesses. Headquartered
in Teaneck, New Jersey (U.S.), Cognizant combines a passion for client satisfaction, technology innovation, deep
industry and business process expertise, and a global, collaborative workforce that embodies the future of work. With
over 75 development and delivery centers worldwide and approximately 187,400 employees as of June 30, 2014,
Cognizant is a member of the NASDAQ-100, the S&P 500, the Forbes Global 2000, and the Fortune 500 and is ranked
among the top performing and fastest growing companies in the world.

Visit us online at www.cognizant.com or follow us on Twitter: Cognizant.

World Headquarters European Headquarters India Operations Headquarters

500 Frank W. Burr Blvd.
Teaneck, NJ 07666 USA
Phone: +1 201 801 0233
Fax: +1 201 801 0243
Toll Free: +1 888 937 3277
Email: inquiry@cognizant.com
1 Kingdom Street
Paddington Central
London W2 6BD
Phone: +44 (0) 207 297 7600
Fax: +44 (0) 207 121 0102
Email: infouk@cognizant.com
#5/535, Old Mahabalipuram Road
Okkiyam Pettai, Thoraipakkam
Chennai, 600 096 India
Phone: +91 (0) 44 4209 6000
Fax: +91 (0) 44 4209 6060
Email: inquiryindia@cognizant.com

Copyright 2014, Cognizant. All rights reserved. No part of this document may be reproduced, stored in a retrieval system, transmitted in any form or by any
means, electronic, mechanical, photocopying, recording, or otherwise, without the express written permission from Cognizant. The information contained herein is
subject to change without notice. All other trademarks mentioned herein are the property of their respective owners.