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Coforge - Digital Banking Services

Vendor Analysis

by Andy Efstathiou

published on Nov 16, 2021

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Report Overview:

This NelsonHall vendor assessment analyzes Coforge's offerings and capabilities in Digital Banking Services.

Who is this Report for:

NelsonHall’s ‘Digital Banking Services: Transforming the Financial Services Industry’ Vendor Assessment for Coforge is a comprehensive assessment of Coforge’s banking industry digital services offerings and capabilities designed for:

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

  • Identification of the company’s strategy, emphases 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 began delivering digital banking services in 2015 with an engagement to implement RPA for fund administration processes at a leading wealth management platform provider. The processes had been manually delivered up until that time. The engagement included setting up a COE for the client. Coforge partnered with UIPath to identify processes for automation. Over the next eighteen months, Coforge extended the robotic automation into customer interaction processes, reporting, and general ledger processes.

Today, Coforge works with a wide range of BFS clients, including:

  • Central banks
  • Global and regional banks
  • Wealth management advisors
  • Security brokers

BFS clients provide 30% of overall corporate revenues.

In April 2021, Coforge acquired a 60% controlling interest in SLK Global Solutions, while Fifth Third Bank retains a 40% interest in SLK. The acquisition with a U.S. client base in the U.S. and BPS service capabilities in banking, especially in mortgage, cards, and payments operations.  Coforge expects to grow its U.S. BFS presence rapidly as a result of the acquisition.  

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