Coforge: Arming Financial Firms with the Tools to Innovate
It may come as a surprise to learn that Coforge started out almost 40 years ago as a training company, arming people with the skills required to succeed in the technology space.
Today, the organisation is one of the world’s fastest-growing digital services and solutions providers, delivering real-world business impact to clients.
However, those roots in training are still serving Coforge well when it comes to talent acquisition, development and retention, as Gautam Samanta, Global Head of Banking and Financial Services (BFS), explains.
“Coforge operates with one of the lowest attrition rates in the industry,” says Gautam.
“We’re able to do that because there is a huge focus on upskilling and people look forward to those opportunities; our employee wellbeing policies are some of the best in the industry; and we encourage people to get involved in giving it back to society in terms of community initiatives in ESG and CSR.
“With this combination, we have a highly-motivated workforce.”
Delivering compelling value
Coforge’s remit is to leverage newer technologies, including cloud, data, digital integration and automation, to transform businesses into intelligent, high-growth enterprises.
As his title indicates, Gautam oversees Coforge’s BFS unit, which is its largest vertical and contributes about a third of the company's global business.
BFS is, of course, going through an interesting phase, with macroeconomic uncertainty resulting in huge focus on cost and optimisation, not to mention sluggish spending on technology.
Meanwhile, the pressure is on from a business perspective to remain competitive, as customers demand a more personalised, contextual offering.
“At the same time,” Gautam adds, “banks still need to focus on the ever-changing regulatory and compliance landscape, as well as the increasing cybersecurity threat.”
Coforge’s focus has been to use capabilities like automation to improve cost efficiency for banks, while also assisting them with core modernisation.
“The BFS unit is a full spectrum service, covering both technology and operations, while rapidly enabling and scaling up newer technologies and offering contextual solutions,” Gautam continues.
“We’ve started focusing on the core sub-verticals beyond just BFS. That means solutions specific to asset and wealth management, commercial and retail banking, cards and payments, GRC, so that we’re able to deliver compelling value.”
Constant innovation
Gautam reveals the BFS unit has shown exceptional growth thanks to its ability to drive efficiency and boost customer loyalty.
Recent engagements have seen Coforge work alongside leaders in asset and wealth management, as well as retail and commercial banking, to deliver core modernisation, build new products and platforms, and transform customer experience.
“One specific example is that we helped transform the financial crime platform and remediation process for a large UK bank, helping them to save millions,” Gautam goes on. “Similarly, we delivered a new-generation payment platform for a large global bank, end-to-end.
“Things like this help them get value in a timely manner and help us increase the stickiness we see with our customers.
“We’re constantly innovating and embracing emerging technologies like generative AI so that we can keep delivering the value our customers expect.”
******
Make sure you check out the latest edition of FinTech Magazine and also sign up to our global conference series – FinTech LIVE 2024
******
FinTech Magazine is a BizClik brand
