Beyond Bank and Cognizant join forces to lead the future of customer-owned banking
Cognizant (NASDAQ: CTSH) has announced a strategic collaboration with Beyond Bank Australia to transform their digital banking experience. The partnership focuses on modernizing IT infrastructure, enhancing operational resilience, and improving customer service through innovative technology solutions. Key initiatives include upgrading End User Compute teams, automating patching processes, implementing a Security Operations Centre, and strengthening vendor assurance frameworks in compliance with APRA standards.
The transformation encompasses cloud and API architecture modernization, Windows 11 migration, and development of a comprehensive data management strategy leveraging AI. These improvements aim to enable faster product launches and better-tailored services, particularly targeting younger demographics while enhancing overall customer experience.
Cognizant (NASDAQ: CTSH) ha annunciato una collaborazione strategica con Beyond Bank Australia per trasformare la loro esperienza di banking digitale. La partnership si concentra sulla modernizzazione dell'infrastruttura IT, sul miglioramento della resilienza operativa e sull'ottimizzazione del servizio clienti attraverso soluzioni tecnologiche innovative. Le iniziative chiave includono l'aggiornamento dei team di End User Compute, l'automazione dei processi di patching, l'implementazione di un Centro Operativo di Sicurezza e il rafforzamento dei framework di garanzia dei fornitori in conformità agli standard APRA.
La trasformazione comprende la modernizzazione dell'architettura cloud e API, la migrazione a Windows 11 e lo sviluppo di una strategia di gestione dei dati completa sfruttando l'IA. Questi miglioramenti mirano a consentire lanci di prodotti più rapidi e servizi meglio personalizzati, con particolare attenzione alle fasce demografiche più giovani, migliorando al contempo l'esperienza complessiva del cliente.
Cognizant (NASDAQ: CTSH) ha anunciado una colaboración estratégica con Beyond Bank Australia para transformar su experiencia de banca digital. La asociación se centra en la modernización de la infraestructura de TI, el aumento de la resiliencia operativa y la mejora del servicio al cliente a través de soluciones tecnológicas innovadoras. Las iniciativas clave incluyen la actualización de los equipos de End User Compute, la automatización de los procesos de parcheo, la implementación de un Centro de Operaciones de Seguridad y el fortalecimiento de los marcos de garantía de proveedores en cumplimiento de los estándares de APRA.
La transformación abarca la modernización de la arquitectura de la nube y de las API, la migración a Windows 11 y el desarrollo de una estrategia integral de gestión de datos aprovechando la IA. Estas mejoras tienen como objetivo permitir lanzamientos de productos más rápidos y servicios mejor adaptados, particularmente dirigidos a las demografías más jóvenes, al tiempo que se mejora la experiencia general del cliente.
Cognizant (NASDAQ: CTSH)는 Beyond Bank Australia와 협력하여 디지털 뱅킹 경험을 혁신하기 위한 전략적 협업을 발표했습니다. 이번 파트너십은 IT 인프라 현대화, 운영 복원력 강화, 혁신적인 기술 솔루션을 통한 고객 서비스 향상을 중심으로 진행됩니다. 주요 이니셔리티브에는 End User Compute 팀의 업그레이드, 패치 프로세스 자동화, 보안 운영 센터 도입, APRA 표준에 대한 벤더 보증 프레임워크 강화가 포함됩니다.
변환 작업은 클라우드 및 API 아키텍처 현대화, Windows 11 마이그레이션, AI를 활용한 포괄적인 데이터 관리 전략 개발을 포함합니다. 이러한 개선은 더 빠른 제품 출시와 특히 젊은 인구 통계를 겨냥한 맞춤형 서비스를 가능하게 하여 전반적인 고객 경험을 향상시키는 것을 목표로 합니다.
Cognizant (NASDAQ: CTSH) a annoncé une collaboration stratégique avec Beyond Bank Australia pour transformer leur expérience bancaire numérique. Le partenariat se concentre sur la modernisation de l'infrastructure informatique, l'amélioration de la résilience opérationnelle et l'optimisation du service client grâce à des solutions technologiques innovantes. Les initiatives clés comprennent la mise à niveau des équipes End User Compute, l'automatisation des processus de patching, la mise en œuvre d'un Centre des opérations de sécurité et le renforcement des cadres de garantie des fournisseurs conformément aux normes APRA.
La transformation englobe la modernisation de l'architecture cloud et API, la migration vers Windows 11 et le développement d'une stratégie complète de gestion des données tirant parti de l'IA. Ces améliorations visent à permettre des lancements de produits plus rapides et des services mieux adaptés, en ciblant en particulier les jeunes démographies tout en améliorant l'expérience globale des clients.
Cognizant (NASDAQ: CTSH) hat eine strategische Zusammenarbeit mit Beyond Bank Australia bekannt gegeben, um deren digitales Bankerlebnis zu transformieren. Die Partnerschaft konzentriert sich auf die Modernisierung der IT-Infrastruktur, die Verbesserung der operativen Resilienz und die Optimierung des Kundenservice durch innovative Technologielösungen. Zu den wichtigsten Initiativen gehören das Upgrade der End User Compute-Teams, die Automatisierung der Patch-Prozesse, die Implementierung eines Security Operations Centers und die Stärkung der Anbieter-Sicherheitsrahmen in Übereinstimmung mit den APRA-Standards.
Die Transformation umfasst die Modernisierung der Cloud- und API-Architektur, die Migration zu Windows 11 und die Entwicklung einer umfassenden Datenmanagementstrategie unter Nutzung von KI. Diese Verbesserungen zielen darauf ab, schnellere Produkteinführungen und besser zugeschnittene Dienstleistungen zu ermöglichen, insbesondere für jüngere Zielgruppen, während gleichzeitig das Gesamterlebnis der Kunden verbessert wird.
- Strategic partnership to modernize IT infrastructure and enhance digital capabilities
- Implementation of AI-driven data management strategy for improved customer services
- Development of new technology solutions to target younger demographic market segment
- Enhancement of security and operational resilience through SOC implementation
- Significant IT infrastructure investment and modernization costs
- Regulatory compliance requirements adding operational complexity
Insights
This strategic partnership marks a significant digital transformation initiative for Beyond Bank, encompassing critical areas like IT infrastructure modernization, security enhancement and AI-driven data management. The deal's scope includes EUC team enhancement, automated patching and Windows 11 migration, which should drive operational efficiency and cost reduction. The implementation of a Security Operations Centre (SOC) and strengthened vendor assurance frameworks demonstrates a robust approach to regulatory compliance with APRA standards.
The collaboration's focus on cloud and API architecture modernization is particularly noteworthy, as it positions Beyond Bank to accelerate product development and market deployment. The AI-powered data management strategy should enable more personalized banking services, potentially leading to increased customer acquisition and retention, especially among younger demographics.
This partnership addresses critical challenges facing customer-owned banks, including regulatory pressures and the imperative for digital transformation amid rising cost-to-income ratios. The comprehensive scope of modernization efforts, particularly in cloud infrastructure and API architecture, positions Beyond Bank to compete more effectively with larger commercial banks. The focus on younger demographics through enhanced digital services is strategically sound, as this segment represents a important growth opportunity in the banking sector.
For Cognizant, securing Beyond Bank as a "lighthouse client" in the customer-owned banking sector could lead to additional opportunities in this market segment. The deal's emphasis on regulatory compliance and operational resilience aligns well with industry trends and regulatory expectations.
Beyond Bank Australia leverages Cognizant's expertise to modernize IT infrastructure and enhance operational resilience.
Cognizant's engagement is expected to uplift Beyond Bank's End User Compute (EUC) teams, automate patching processes, enable self-service and extend the value of existing licenses. These initiatives aim to create an even more resilient and secure environment for Beyond Bank's operations. Additionally, this collaboration seeks to modernize the bank's IT infrastructure, establish a Security Operations Centre (SOC) and strengthen vendor assurance frameworks to help align with the Australian Prudential Regulation Authority (APRA) standards.
Beyond Bank's digital transformation focuses on several key workstreams, including cloud and API architecture modernization and an enterprise-wide Windows 11 migration. These integrations will be designed to be flexible, scalable and secure technology ecosystems that enable the introduction of new products with enhanced speed to market, further preparing Beyond Bank for future growth.
Cognizant will also help develop a comprehensive data and information management strategy for Beyond Bank. Leveraging AI, this strategy aims to optimize structured data from core banking systems and organize unstructured data from knowledge management sources for organization-wide insights, enabling more tailored services for its customers.
Leveraging Cognizant's deep banking expertise, Beyond Bank will introduce new products and services designed to better serve a younger demographic, while simultaneously enhancing the overall service experience for all customers.
"Our partnership with Cognizant is pivotal in advancing our digital transformation," said Stevie-Ann Dovico, Chief Information Officer, Beyond Bank Australia. "Their expertise allows us to modernize our IT infrastructure and enhance security, aligning with our values as a customer-owned bank. Cognizant's comprehensive approach makes them the ideal partner to help us better serve our customers."
"Beyond Bank is a lighthouse client for us in the customer-owned banking sector," said Rob Marchiori, Australia Country Manager at Cognizant. "By enhancing their digital capabilities, we will help them provide better services to their customers and support paving the way for a resilient banking model that addresses current and future market demands."
The customer-owned banking sector is navigating increased regulatory burdens, economic pressures, and the need for digital transformation. With increased cost-to-income ratios and net interest margins, banks need to modernize operations and enhance customer engagement through innovative technology. The collaboration between Beyond Bank and Cognizant highlights the importance of strategic partnerships in supporting innovation and maintaining service standards in the evolving financial sector.
About Cognizant
Cognizant (Nasdaq: CTSH) engineers modern businesses. We help our clients modernize technology, reimagine processes, and transform experiences to stay ahead in our fast-changing world. Together, we're improving everyday life. See how at www.cognizant.com or @cognizant.
About Beyond Bank Australia
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SOURCE Cognizant Technology Solutions
FAQ
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