Vendor Analysis
published on Nov 29, 2024
Report Overview:
This NelsonHall vendor assessment analyzes Coforge's offerings and capabilities in core banking services
Who is this Report for:
NelsonHall’s ‘Transforming Core Banking Services’ profile on Coforge is a comprehensive assessment of Coforge’s offerings and capabilities for the core banking sector, designed for:
- Sourcing managers monitoring the capabilities of existing suppliers of technology and operational services and identifying vendor suitability for core banking services in RFPs
- Vendor marketing, sales, and business managers looking to benchmark themselves against their peers
- Financial analysts and investors specializing in the support services sector.
Scope of this Report:
The report provides a comprehensive and objective analysis of Coforge’s BFS-focused core banking service offerings and capabilities and market and financial strength, including:
- Identification of the company’s strategy, offerings, and new developments
- Analysis of the company’s strengths, weaknesses, and outlook
- Revenue estimates
- Analysis of the profile of the company’s customer base including the company’s targeting strategy and examples of current contracts
- Analysis of the company’s offerings and Coforge service components
- Analysis of the company’s delivery organization including the location of delivery centers.
Key Findings & Highlights:
BFS is Coforge’s largest industry vertical, accounting for 31.8% of revenues in Q1 2024. Coforge has an extensive banking BPS business. It built its banking BPS business in large part when, in April 2021, it acquired a majority stake in SLK Global Solutions in April 2021. SLK was owned by Fifth Third Bank and delivered mortgage, card, and payment operations.
In May 2024, Coforge acquired a 54% stake in Cigniti with an announced intention to acquire 100% over the next few years. Cigniti will facilitate Coforge’s expansion from the East Coast of the U.S. to the southwest and west coasts. In addition, Cigniti has a quality engineering platform, BlueSwan, which uses AI to interrogate data and assess apps. Coforge intends to use the BlueSwan platform as the basis of multiple AI and GenAI offerings. BlueSwan will be used to deliver core platform automation engagements. In addition, it is building partnerships with solution vendors and its IP portfolio to create offerings for clients that enhance business and operational effectiveness.