The Futureof Money

Transforming the customer relationship for the financial services industry by understanding how people relate to money.

2

On January 1, 2018, all banks in the European

Union will lose a key competitive advantage.

From that date on, they will no longer have pro-

prietary access to data in their customers’ online

accounts, including their transaction and balance

history. PSD2 — the Payment Services Directive

— is not a stand-alone initiative.1 Regulators in

North America are also exploring ways to even

the playing field across the financial services in-

dustry. This will accelerate competition, creating

the foundation for increased digital disruption.

When we meet executives at banks,

retirement services providers and insurance

companies, they don’t view their customer re-

lationships with the same confidence as before.

They are thinking long and hard about what it

will take to maintain and deepen relationships to

ensure customers will remain with them longer

and use more of their products and services.

Given how much money the financial services

industry spends on digital (estimated to be more

than $310 billion annually by 20202), executives

should be asking questions such as:

• Whereshouldwefocusour

digitalinvestments?

• Howdowebuildstrongercustomer

relationshipswhenwebecome

moredigital?

• Whatisthekeytoretainingmore

customers?

• Howdowesellmoreproductsper

customerwithoutcompromising

companycultureandethics?

• Whatshoulddigitizationdoforour

companyoverthenextthreeto

fiveyears?

• Therearesomanypriorities,

butwhatshouldwefocuson?

This white paper is written for executives

like you, who are looking to get the right an-

swers. We scoured 100-plus reports on the future

of financial services, but found they were primar-

ily focused on asking customers what they want.

The problem is, your customers do not know

what they want. They are often unaware of why

they act the way they do.

To understand what customers really want,

financial institutions (FIs) need to approach

Executive Summary:The Slow-MoneyChallenge Is the NextDigital Imperative inFinancial Services

The Future of Money | 3

these questions as anthropologists do: Study

people in their real environments and under-

stand how they make sense of money, invest-

ments, pensions, savings, credit and wealth

preservation.

In the fall of 2016, we embarked upon the

most comprehensive anthropological study un-

dertaken in recent times on the future of money.

The study closely followed the lives of people

in the U.S., the UK and Germany, uncovering

hidden truths about their behaviors, emotions

and habits around dealing with finance and FIs.

We also conducted a survey of 3,000 consumers

and multiple interviews with academics, FI execs

and fintech industry players (see Methodology,

page 17).

This white paper provides an entirely new

perspective on what it will take for FIs to build

healthy and winning relationships with their

customers in a more digital future. It provides

new clarity on what matters to your customers,

where to focus innovation and what you as a

leader must do to ensure digital investments

deliver on what customers really want.

The core idea is that financial providers

should focus the next wave of digitization on

what we call people’s “slow money” (any future

spending or saving) rather than “fast money”

(their daily and short-term spending). Until now,

digital innovation and fintechs have largely

focused on solving problems related to people’s

fast money.

While digitization has delivered many

benefits for customers and companies, it hasn’t

resulted in the strong customer relationships

necessary for winning in the future. In contrast,

our study demonstrates that getting slow money

right will make consumers more loyal, less price

sensitive and more inclined to do more business

with your organization. That’s why we believe

that resolving people’s slow-money challenges is

the next digital imperative in financial services.

And it’s why we estimate that banks can achieve

a financial impact corresponding to an increase

of 14.2% of revenue by getting the slow-money

challenge right.

4

On the surface, people’s relationship with money

appears straightforward. Digital finance has

made it easier than ever to make payments,

check balances and access financial data. It is

easy to assume that money has never been sim-

pler. But go into any home and spend time with

people exploring their finances, and you hear a

very different story.

In Los Angeles, we spent two days with

Linda, a 54-year-old event consultant. We sat

down with Linda and asked her to map out her

financial products and providers. Two hours later,

she had finalized mapping

out her 14 credit cards, six

insurance policies, five mort-

gages and multiple pensions.

She forgot which products

she had with which provider

and failed to recall a retire-

ment account entirely.

While Linda may have

several more financial prod-

ucts than most, her experi-

ence with finance is similar to that of everyone

we met: She acquired her accounts ad hoc over

the years, and her financial setup seems overly

complex and unwieldy. There are gaps and re-

dundancies. Her finances are far from optimized.

This fragmentation plays a significant role in why

Linda feels her finances are out of control. Her

service providers, some of the leading financial

services institutions in the U.S., are not helping

Linda piece together her fragmented financial

ecosystem.

Across the U.S., Germany and England, we

heard various stories, all with the same theme:

People feel as if they are not in control of their

money. The people we met are struggling to

manage their spending habits, agonizing over

how to best plan for retirement, and worrying

their insurance providers won’t pay out.

Beneath these practical concerns lies a per-

sistent sense of anxiety caused by being over-

whelmed by their finances, lacking a sense of

financial agency and experiencing their money

as fundamentally fragmented. As Blair from the

Bronx, New York, told us: “I woke up in the mid-

dle of the night last night because I was having a

nightmare about money.”

Every element of consumers’ financial

setup is deeply interconnected. To take a simple

example, what people spend day-to-day affects

how much they will save; however, rather than

Part 1:People’s Relationshipwith Money Is Broken

People feel as if they are not in control of their money. The people we met are struggling to manage their spending habits, agonizing over how to best plan for retirement, and worrying their insurance providers won’t pay out.

The Future of Money | 5

37%

experiencing this

link, they perceive

their network of

money in frag-

ments. Finance is

atomized, and that

atomization feeds

insecurity and worry for the people we met.

When you ask people about their biggest

source of stress, they don’t say terrorism, their

health or their job prospects — they point to

finance and money challenges (see Figure 1). FIs

have a long way to go to help customers improve

their financial well-being and truly be relevant in

their lives.

In short, people’s relationship with money

is broken. This finding was, to us, deeply dis-

turbing. No other consumer product we have

ever studied has the same all-pervasive quality.

For the people we met, not knowing if they are

saving enough for retirement means not know-

ing how they will live when they grow older, or

if they will be able to retire at all. Not knowing

whether they are putting enough money aside

for their children’s education means not knowing

whether they are competent parents. Money

It’sthatStressfulThe biggest sources of stress in people’s lives are as follows:

Figure1

Source: ReD Associates and Cognizant survey of 3,074 consumers in the U.S. and the UK, 2017

Financialormoneychallenges

Health concerns

Relationships and family responsibilities

My job (if employed)

Terrorism and crime

None of these

0% 10 20 30 40

say money and finances are the biggest source of stress in their lives.

pervades almost everything people value in life.

And so, when people’s relationship with money

is broken, it is almost as if their relationship with

life itself were broken. This needs to be fixed. But

it requires a deeper understanding of why this

relationship is broken.

When you ask people about their biggest source of stress, they don’t say terrorism, their health or their job prospects – they point to finance and money challenges.

6

When we look at their relationship with money, people with fluid lifestyles are the most stressed about their finances. They are also the most digital consumer group. And even if they believe their banks have a good understanding of their needs, they are also the least loyal group of consumers.

6

The Future of Money | 7

Money and finance is

a big source of stress

Regularly use apps

and online tools for

slow money

Believe their bank has a

good understanding of their

financial goals and needs

Lifestyle

Fluid LifestyleFixed Lifestyle

UnderstandingDifferentCustomers

0 10 20 30 50 60 70 8040

Age

MillennialsBoomers

0% %10 20 30 50 60 70 8040

Gender

MenWomen

0 10 20 30 50 60 70 8040%

When You Get Your Consumers Wrong, You Wreck Their Relationship with MoneyIn our research, we consistently heard consumers com-

plain that their FIs do not “get them.” People said they

consistently felt put in the wrong boxes. We looked at

all these interviews, from thousands of customers and

dozens of executives, and found that consumers could

be segmented in two basic ways.

ByAgeandGender

Many of the industry executives with whom we met

said they were kept up at night by their customers’

generational changes, as well as the different ways

men and women navigate finance. And rightly so: Our

data suggests there are quite important differences

across age groups when it comes to finance.

For example, millennials use digital slow-money

products much more frequently and are much more

stressed about money than are their boomer parents.

Similarly, there are differences between men and

women, even though these differences are significant-

ly smaller than those between age groups. To take

just one example, women worry more than men about

their finances.

By‘Fluids’and‘Fixed’

Our research also pointed to another, less well-known

difference — namely, between what we call people with

fluid lifestyles and those with more fixed lifestyles.

People with fixed lifestyles will typically stay in the

same job for many years. They are less likely to live in

a different country from the one in which they were

born. People with more fluid lifestyles, on the other

hand, are more likely to change industry or country.

They also tend to be better educated and have higher

incomes than their stable lifestyle counterparts.

When we look at their relationship with money,

people with fluid lifestyles are the most stressed about

their finances, and the most likely to use digital tools

to manage their finances. And even if they believe

their banks have a good understanding of their needs,

they are also the least loyal group of consumers (see

Figure 2).

Figure2

Source: ReD Associates and Cognizant survey of 3,074 consumers in the U.S. and the UK, 2017

8

Part 2:Two Fundamental Types of Money:Fast and Slow

Ask any economist, and they’ll tell you money

is fungible: A dollar in my wallet is equivalent to

and wholly exchangeable with a dollar in my bank

account. Every euro is exactly the same as every

other euro. But all the people we met with have

a strikingly different experience of their money.

They exhibit a wide variety of attitudes, feelings

and behaviors around different pots of money.

Alice, a 28-year-old senior healthcare man-

ager from London, was proud to

earn an £80,000 salary but felt

a tinge of guilt about the money

she borrowed from her parents

for a down payment on her first

mortgage. She found it very

easy to spend all the money on

her credit card on nights out

in London but diligently trans-

ferred money to her parents for safekeeping

each month, money that she refused to touch

unless she faced a financial emergency.

She saw her pension as a backup plan —

something she could not rely upon given the

fragility she perceived in the financial system.

On the other hand, she saw her home, given its

clear tangibility and no visible price volatility, as

a reliable investment that would support her in

later life, acting as her de facto retirement plan.

This is what she believed despite the housing

turmoil seen across the world just a few years

ago. For Alice, her mortgage was useful, produc-

tive debt, but her credit facility was negligent,

indulgent debt.

We saw, over the course of our ethno-

graphic studies, great diversity in how different

people think and feel about money. This diversity

is fundamentally misaligned with how financial

institutions think about their customers’ money.

Within all the attitudes and perceptions of mon-

ey, there was a clear pattern: People experience

their money as falling into one of two primary

types: fast and slow.

Fast money (bill payments, daily expen-

ditures, bank accounts, etc.) is used in and

assigned to the present and near future; it is

We saw great diversity in how people think and feel about money. This diversity is fundamentally misaligned with how financial institutions think about their customers’ money.

The Future of Money | 9

FASTMONEYCurrent checking accounts,

overdrafts, credit facilities, cash,

mobile payments

Goal: Simplicity

Defi

nin

gp

aram

ete

rs

SLOWMONEYStanding orders, savings accounts,

pensions, insurances, financial market

investments, physical assets

Goal: Stability and security

Short timeframe

Little skill/faith needed

More intelligible

Mostly simple decisions

Long timeframe

Significant skill/faith needed

Less intelligible

Mostly complex decisions

engaged with on a regular basis, and its manage-

ment is now often digital. Fast money is primarily

functional in nature, and is exchanged for goods

and services. Slow money (pensions, insurance,

investments, etc.) is assigned to some distant

future purpose and is vastly more difficult for

customers to manage and comprehend. In the

present moment, the primary value of slow mon-

ey is to give people peace of mind.

Fast money has greatly benefited from dig-

itization. For customers, digitization has brought

a level of efficiency, accessibility and conve-

nience to their fast-money management that is

hugely appreciated. Providers that were the first

movers in this space often won over customers

with these new digital offerings. However, the

industry is far from having successfully estab-

lished what digital can do for slow money. And

it is around slow money that people face by far

their greatest financial needs and challenges.

Instead of providing comfort and certainty

that they are well prepared for the future, people

agonize over their slow money. They struggle

to translate their personal needs and life goals

Figure3

The biggest barrier for financial institutions in building meaningful customer relationships today is establishing how digital can support people’s slow-money challenges.

10

Prettycomplicated

People who find the following products

very easy to manage.

DissectingOnlineMoneyManagement

Notthatdigital

People who use digital apps or online tools to

get information on the following products

“very regularly” or “regularly.”

into financial targets, and they fail to understand

whether they are on track to meet those targets

once they have been set. They do not trust that

their slow money and the financial providers that

hold that money will support them in the future.

Their slow money doesn’t make sense to them,

and it fails to alleviate their financial stress.

Today, the biggest barrier for FIs seeking

to build meaningful customer relationships

is demonstrating how digital can support the

marriage of people’s fast- and slow-money

challenges.

Dai

ly a

cco

un

ts

On

line

ban

kin

g a

ctiv

itie

s

Sav

ing

s ac

cou

nts

Cre

dit

car

ds

Ho

me

insu

ran

ce

Pen

sio

n o

r re

tire

men

tsa

vin

gs

Lif

e in

sura

nce

Inve

stm

ent

po

rtfo

lio

Ban

k ba

lan

ce

Tran

sact

ion

his

tory

Insu

ran

ce p

rod

uct

s

Pen

sio

n o

r re

tire

men

t ac

cou

nt(

s)

Sav

ing

s %

0

20

40

60

80

100

%

0

20

40

60

80

100

Figure4

Source: ReD Associates and Cognizant survey of 3,074 consumers in the U.S. and the UK, 2017

The Future of Money | 11

Part 3:Escaping theUtility Trap

From North America to Asia Pacific, the finan-

cial services executives we met with are looking

for solutions that will enable their businesses

to build stronger relationships with customers.

Naturally, they are searching for opportunities to

improve product penetration, increase revenue

per customer and boost customer retention.

What is striking is the growing void between that

ambition and how customers really feel about

their financial services providers. Customers told

us, increasingly, that they feel as if they have a

distant, impersonal and at times antagonistic

relationship with their providers.

Only 19% of consumers we surveyed

described their financial providers as having a

proper understanding of their financial needs

and goals. Twice as many consumers described

their financial providers as wanting their money

(42%) vs. helping them get more out of their

money (21%). Rather than seeing financial pro-

viders as a legitimate, reliable source of financial

guidance and support, financial institutions are

seen as utilities.

In Munich, Anita, a 45-year old mother of

two and legal council at a publishing firm, de-

scribed her low expectations of her bank.

“[My current account] is like electricity; it just

comes out of the socket ... and I want my money

to come out of the machine when I need it — that

is it.”

It might seem natural to attribute weak

customer loyalty and engagement to the last

decade’s financial crisis, bankers’ dispropor-

tionate bonuses, ongoing financial scandals and

newsworthy cases of litigation. Certainly, many

of the people we met described themselves as

being more skeptical of FI since the global eco-

nomic woes of 2007–2008. Far more critically,

however, is the transactional relationship people

have with providers and the regularly alienating

experience they have when interacting with

customer services.

When we met Anthony, 44, in London, he

had decided to finally act on his long-term goal

of setting up a personal retirement account. We

joined him on a visit to see an advisor at his local

branch of a major high-street bank in the neigh-

borhood of Canary Wharf. On arrival, the advisor

established the purpose of Anthony’s visit and

identified him in the system. Despite having been

a customer with the bank for over 20 years,

Anthony was asked various questions about his

salary and personal situation. The bank did not

offer any pensions that were relevant to him, so

12

27% said an FI professional has

checked whether they have the right

insurance coverage.

Manyfinancialservicesproviders

failtoattendtotheircustomers’

slow-moneyneeds,ourresearch

revealed.Forinstance:

Andalargemajoritybelievebanks

arefocusedpurelyontransactional

activities.

90%said their relationship with their bank

is defined by simple transactions, such as

depositing money and checking account

statements, etc.

25% noted that an FI professional has

analyzed their plans for retirement to

see if they are saving enough.

24% pointed out that someone from

an FI professional has reviewed their

savings and offered advice on getting

more out of their money.

23% said an FI professional from an FI

had reached out to them with advice

on getting more out of their money.

90%

10%

Our Survey Said ...

Figure5

Source: ReD Associates and Cognizant survey of 3,074 consumers in the U.S. and the UK, 2017

The Future of Money | 13

Anthony left the bank feeling just as confused

about his options and doubtful that his bank

understood him and his needs. This FI missed an

opportunity to play an advisory role in Anthony’s

financial life, instead reinforcing his perception

that the bank and its services were not relevant

to him.

To avoid becoming purely a utility provider,

with no meaningful customer relationship, finan-

cial institutions would do well to recognize the

role they can play in customers’ financial lives.

We consistently found that providers either

overwhelmed their customers with information,

product options and features, or they out-

sourced financial decisions for their customers,

leaving them feeling like they were in the dark.

In both scenarios, customers felt out of control

and unsupported.

We consistently found that providers either overwhelmed their customers with information, product options and features, or they outsourced financial decisions for their customers, leaving them feeling like they were in the dark.

There is, however, a middle ground, where a

few institutions successfully help their custom-

ers navigate their finances. The best financial

services:

• Guidethecustomerthroughfinancial

decisionsabouthowtheywanttolive

andwhattheirgoalsarefortheirmoney.

• Takecareofthepracticaldetailsbut

regularlyupdatethecustomerandleave

themfeelingincontrol.

• Translatetheirfinancialdatainto

informationthatismeaningfulforthe

customer.

• Recognizethatcustomerswantedpeace

ofmindfromtheirslowmoney.

Financial services providers should adapt these

principles and best practices to the digital space,

giving customers convenience when it comes to

their fast money and meaningful guidance and

integration when it comes to their slow money.

14

To provide customers with a unique and mean-

ingful sense of agency, we see five actions that

FIs should consider taking immediately:

1.Activatedatatorecognizethecustomer:

Most FIs have an abundance of customer data

yet consistently fail to recognize customers, re-

sulting in broken interactions and situations, with

the wrong products and services being pushed

to the wrong consumers. FIs must build a system

of recognition that remembers everything about

the customer and consolidates transactional,

behavioral, financial and socio-demographic data

into one truth about the customer that is shared

and used at every touchpoint.

2.Buildpredictivemodelsforfinancialkey

moments: Most financial providers talk about

life events, and yet we did not meet one custom-

er who said his or her provider had systematical-

ly been of help during key life events such as ed-

ucation, marriage, parenthood, changing jobs or

losing family members. Building better predictive

models (while respecting consumer privacy) can

help FIs better understand when their customers

are about to experience life events with major

financial ramifications. Working to identify ways

of being relevant not only for life events them-

selves but also to help consumers prepare for

them will differentiate leading FIs from laggards.

3.Releasethepowerofdigitallearning:

Customers don’t want to become experts in

finance, but they do want a sense of mastery

when it comes to dealing with their money. FIs

must learn to motivate people to develop skills

and sensibilities in a way that fits each custom-

er’s capabilities and situational needs without

making them feel they are in school. It is critical

to help customers by integrating guidance and

data interpretation into the front end of existing

digital platforms and providing guidance at the

moment they’re making a financial decision.

4.Digitizefinancialadvice:As FIs continue

to replace people and branches with digital

offerings, there’s never been a greater need to

develop tools that nurture good financial habits

and guide customer decision-making. FIs must

properly pivot to turn their expertise into offer-

ings that guide customers to healthier financial

behaviors and interpret what their financial data

concretely means for their situation. They must

provide meaningful points of comparison to help

customers understand whether they are finan-

cially on track.

5.Organizearoundthecustomer: Often,

financial institutions are structured in siloes, or-

ganized around product lines and departments,

and not the customers they serve. They must

serve up a shared point of view on what matters

most to customers and better share and surface

data that resides across business units.

They must also evaluate performance

based on the financial well-being of the

customer rather than product or compa-

ny satisfaction.

Part 4:Getting Started

Customers don’t want to become experts in finance, but they do want a sense of mastery when it comes to dealing with their money.

The Future of Money | 15

CostReduction

Digitizing slow money will also have significant cost-re-

duction effects. Overall, our estimate is that banks can

achieve an annual cost reduction effect corresponding

to 6.2% of revenue. The largest single effect will come

from digitization of customer interaction, as more

customer-bank interactions will move online. Other

impacts will be derived from the following:

• Reduced cost of customer acquisition.

• Reduced cost due to consolidation of IT

systems required for banks to combine fast

and slow money.

• Lower loan loss provisions, as risk assessment

will be improved through better and smarter

customer profiling.

MaximizingDigital’sFast-andSlow-MoneyImpact

Figure6

Source: ReD Associates and Cognizant, estimates based on previous project experience, standard industry assumptions and latest available annual

reports from the five largest U.S. consumer banks. Implementation costs are not included.

14.2

Cost

6.2%

Revenue

8%

Revenue effects 8% Cost effects 6.2%

Re

du

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rn

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n

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low

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loan

loss

pro

visi

on

s

TOTAL (%)

3.1%

1.5%

1.5%

1.8%

0.6%0.9%

4.3%

0.3% 0.1%

By digitizing slow money, we estimate that banks

can achieve a financial effect that corresponds to

an increase of 14.2% of revenue. For a top-five U.S.

consumer bank, this would mean an annual lift of more

than $4.5 billion.

RevenueIncreases

The majority of the impact comes from increased

revenue. Overall, we estimate that banks could achieve

an annual revenue increase of 8%. The biggest impact

stems from a reduction in customer churn — more

slow-money products will increase customer loyalty

and lock-in. Other increases will be derived from:

• Attracting new customers from competitors.

• Attracting customers who may not have full

coverage of financial products.

• Increasing the number of products sold to each

customer through synergies between fast- and

slow-money products and services.

• Raising the revenue generated per customer.

Digitizing Slow Money Can Help BanksSignificantly Increase Revenue and Reduce Costs

16

METHODOLOGY

ACKNOWLEDGMENTS

FOOTNOTES

Thestudywasconductedoverfivemonthsin

2016and2017andwascomprisedof:

• An ethnographic study with 32 families and

their social networks in the U.S., England

and Germany. We spent two full days with

each person, meeting their friends and

families as well as their key financial advisors

(professionals or personal relations).

• A survey of 3,000 people in the U.S. and the

UK to test the insights from the ethnographic

study.

The authors would like to thank Steve DeLaCastro and Ed Merchant, Senior Digital Partners in

Cognizant’s Banking and Financial Services business unit, and Mikkel B. Rasmussen, EU Director of

ReD Associates, Funke Sangodeyi and Daniel Bird from ReD Associates, for their meaningful

contributions to this report.

1. ”Payment Services Directive,” European Commission,

https://ec.europa.eu/info/law/payment-services-psd-2-directive-

eu-2015-2366_en.

2. Philippe Dintrans, Manish Bahl and Amit Anand, “Seizing the Digital

Advantage in Banking and Financial Services,” Cognizant Technology

Solutions, 2016, https://www.cognizant.com/FoW/twa-banking-and-

financial-services-codex2320.pdf.

• In-depth conversations with professionals with

decades of experience advising consumers on

key financial decisions.

• Interviews with academic thought leaders

with in-depth understanding of how people’s

relationship to money has evolved historically.

• Conversations with more than 50 leaders from

some of the world’s biggest financial services

institutions as well as fintech entrepreneurs.

The Future of Money | 17

ABOUTTHEAUTHORS

Andreas W. Hansen is a partner with ReD Associates

in Copenhagen. He draws on the social sciences to

advise some of the world’s largest companies on topics

including corporate strategy, marketing strategy and

organizational development. Andreas has 15 years

of experience at The Boston Consulting Group, the

Danish Ministry of Finance and as a journalist. He

holds an MBA from London Business School, an MA in

cultural studies from Goldsmith’s College, University of

London, an honors bachelor in international relations

from University of Cape Town, and an MsC and a BsC

in political science from University of Copenhagen.

Andreas frequently writes on topics related to business

strategy, and has published in leading outlets, including

Harvard Business Review. He can be reached at awh@

redassociates.com.

Martin Gronemann is a partner with ReD Associates in

Copenhagen. He has driven ReD’s practice in financial

services over the past five years, advising C-suites on

how to get in sync with the reality of their customers’

needs and lives. Drawing on social science, Martin has

worked with clients to develop customer engagements

that create trust and financial well-being for people;

transition to a more digital customer engagement

model; build stronger and more profitable customer

relationships; and uncover new sources of growth.

Martin has worked with a broad spectrum of financial

services clients, including retail banks, pension

providers, wealth managers, and insurance companies.

He has 10 years of experience at ReD and holds an MA

in political science from the University of Copenhagen

where he has also worked as external lecturer. Martin

frequently gives talks and writes on how to use human

sciences to drive strategic decision-making. He can be

reached at mgr@redassociates.com.

MARTINGRONEMANNRED ASSOCIATES

ANDREASWESTERHANSENRED ASSOCIATES

Sriniketh Chakravarthi leads Cognizant’s North Amer-

ican Banking and Financial Services (BFS) business

unit. During his tenure at Cognizant, Sriniketh has

held multiple roles, including BFS leader in Continental

Europe and BFS leader for business process services

in North America. He also led corporate development

for Asia Pacific and was instrumental in setting up and

expanding Cognizant’s footprint in China and in the

Asia Pacific region. He holds a bachelor’s degree in

engineering from the National Institute of Technology,

Jamshedpur, and an MBA in finance from the Indian

Institute of Management, Calcutta. Sriniketh can be

reached at Sriniketh.Chakravarthi@cognizant.com.

Philippe Dintrans is Chief Digital Officer and Leader of

Cognizant Business Consulting’s Banking and Financial

Services Practice. Philippe has led numerous consulting

engagements covering business transfor mation, IT

transformation and change management for marquee

Cognizant clients. He holds a master’s of science

degree in engineering from the Massachu setts Institute

of Technology (MIT) and an MBA from INSEAD. Philippe

can be ached at Philippe.Dintrans@cognizant.com.

PHILIPPEDINTRANSCOGNIZANT

SRINIKETHCHAKRAVARTHICOGNIZANT

WorldHeadquarters

500 Frank W. Burr Blvd.

Teaneck, NJ 07666 USA

Phone: +1 201 801 0233

Fax: +1 201 801 0243

Toll Free: +1 888 937 3277

EuropeanHeadquarters

1 Kingdom Street

Paddington Central

London W2 6BD England

Phone: +44 (0) 20 7297 7600

Fax: +44 (0) 20 7121 0102

IndiaOperationsHeadquarters

#5/535 Old Mahabalipuram Road

Okkiyam Pettai, Thoraipakkam

Chennai, 600 096 India

Phone: +91 (0) 44 4209 6000

Fax: +91 (0) 44 4209 6060

CognizantDigitalBusiness

205 East 42nd Street

21st Floor

New York, New York 10017

Phone: +1 212 879 6911

© Copyright 2017, Cognizant. All rights reserved. No part of this document may be reproduced, stored in a retrieval system, transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the express written permission from Cognizant. The information contained herein is subject to change without notice. All other trademarks mentioned herein are the property of their respective owners.

TL Codex 2547

ABOUTCOGNIZANTDIGITALBUSINESS

Cognizant Digital Business helps our clients imagine and build the Digital Economy. We do this by bringing together human insight, digital strategy, in-

dustry knowledge, design, and new technologies to create new experiences and launch new business models. For more information, please visit www.

cognizant.com/digital or join the conversation on LinkedIn.

ABOUTCOGNIZANTBANKINGANDFINANCIALSERVICES

Cognizant’s Banking and Financial Services business unit, which includes consumer lending, commercial finance, leasing insurance, cards, payments,

banking, investment banking, wealth management and transaction processing is the company’s largest industry segment, serving leading financial

institutions in North America, Europe, and Asia- Pacific. These include 17 of the top 20 North American financial institutions and nine out of the top

10 European banks. The business unit leverages its deep domain and consulting expertise to provide solutions across the entire financial services

spectrum, and enables our clients to manage business transformation challenges, drive revenue and cost optimization, create new capabilities, miti-

gate risks, comply with regulations, capitalize on new business opportunities, and drive efficiency, effectiveness, innovation and virtualization. Learn

how Cognizant’s Banking and Financial services practice helps clients lead with digital at www.cognizant.com/banking-financial-services or follow us

@Cognizant.

ABOUTREDASSOCIATES

At ReD, we put a deep understanding of real people back at the center of business decision-making. Our teams solve some of today’s hardest prob-

lems. Over the last 10 years, ReD has led a quiet revolution in thinking about business. All of our work begins with an exploration of the customer’s

worlds — using social science tools to understand how people experience their reality and, in turn, offering businesses a “reality check” on what is

meaningful to people. More information can be found at www.redassociates.com.

ABOUTCOGNIZANT

Cognizant is one of the world’s leading professional services companies, transforming clients’ business, operating and technology models for the dig-

ital era. Our unique industry-based, consultative approach helps clients envision, build and run more innovative and efficient businesses. Headquar-

tered in the U.S., Cognizant is ranked 230 on the Fortune 500 and is consistently listed among the most admired companies in the world. Learn how

Cognizant helps clients lead with digital at www.cognizant.com or follow us @Cognizant.