Vendor Analysis
published on Apr 12, 2023
Report Overview:
This NelsonHall vendor assessment analyzes Coforge’s offerings and capabilities in intelligent automation for the banking and financial services sector
Who is this Report for:
NelsonHall’s “Transforming Intelligent Automation in Banking” 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 intelligent automation process services and identifying vendor suitability for intelligent automation services in banking 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 intelligent automation offerings, capabilities, and market and financial strength, including:
- Identification of the company’s strategy, emphasis, and new developments
- Analysis of the company’s strengths, challenges, 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 centers.
Key Findings & Highlights:
Coforge began its process automation services by automating manual processing for a fund management firm in 2015. Coforge implemented UiPath to automate fund administration processing. As the relationship matured, Coforge expanded the set of services provided to include the setup of a COE and the automation of customer interaction processes, reporting, and general ledger processing.
Coforge’s largest industry vertical is BFS, accounting for 31% of revenues. Intelligent automation contributes 20% of BFS’ revenues. Coforge acquired a 60% interest in SLK Global Solutions in April 2021. SLK was owned by Fifth Third Bank, which still owns 40% of SLK. SLK had a financial services client base located in the U.S. and provided BPS service capabilities in banking, especially in mortgage, card, and payment operations. The acquisition has gone well, with the legacy SLK business supporting rapid growth in the U.S. for Coforge.
Banks and capital markets firms that are looking for implementation services for process automation should consider Coforge.