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Andy Efstathiou

Andy is the Banking Sourcing Research Director at NelsonHall where he has global responsibility for Retail and Commercial Banking BPS, Capital Markets BPS, and RPA, AI, and FinTech services in Banking, including consulting, design & deploy, and operations support.

Coforge - Transforming Financial Services with Cloud, SaaS, and BPaaS Services

Vendor Analysis

by Andy Efstathiou

published on Nov 21, 2022

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Report Overview:

This NelsonHall vendor assessment analyzes Coforge's offerings and capabilities in Cloud, SaaS, and BPaaS services for the banking and financial services sector

Who is this Report for:

NelsonHall’s ‘Transforming Financial Services with Cloud, SaaS, and BPaaS Services’ profile on Coforge is a comprehensive assessment of Coforge’s offerings and capabilities for the BFS sector, designed for:

  • Sourcing managers monitoring the capabilities of existing suppliers of Cloud, SaaS, and BPaaS processes and identifying vendor suitability for Cloud, SaaS, and BPaaS services 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 Cloud, SaaS, and BPaaS service offerings, capabilities, and market and financial strength, including:

  • Identification of the company’s strategy, emphasis, 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 key service components
  • Analysis of the company’s delivery organization including the location of delivery locations.

Key Findings & Highlights:

Coforge delivers consulting, IT, and BPS services. Coforge delivers cloud and infrastructure services to 110 of its 350 total clients across all industries. BFS contributes 31.7% of revenues as of Q2 FY 2023 (the year ending March 31, 2023). The BFS vertical has been growing rapidly for the past several years at Coforge, with a notable 102% y/y growth in FY 2022, due to signing multiple large contracts. In addition, its acquisition of a majority interest in SLK Global Solutions (now named Coforge Business Process Solutions) has enabled it to cross-sell to new clients.

Coforge has built its cloud services business with a focus on BFS sector services providers and clients based in Europe. It positions its cloud services as:

  • Delivering personalized and contextual omnichannel experiences
  • Able to stitch together Fintech solutions using open APIs to enable the overall delivery of processes.

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