Conduent wins over $1 billion contract from US firm

Digital Edge Bureau 27 Feb, 2018 0 comment(s)

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Conduent Incorporated, a digital interactions company, has been awarded a three-year contract worth over $1 billion by a U.S.-based Fortune 50 company.

“Platform-driven digital interactions is a source of competitive advantage in the marketplace, driving positive purchasing power and brand loyalty,” said Christine Landry, Group Chief Executive, Consumer & Industrials, Conduent. “This award demonstrates that digital experiences are a powerful and must-have differentiator. Our platform portfolio, technology expertise and ability to understand customer needs set us apart from the competition with this Fortune 50 brand”, added Landry.

To support the contract and meet the client’s customer interaction needs, Conduent plans to hire 1,000 people to fill jobs globally in the United States, Europe and Asia. This fits a part of Conduent’s core business focus that it calls Accushoring, allowing the company to use talent anywhere in the world and giving it the flexibility to leverage human capital from locations with the best balance of skill, availability and costs.

Conduent helps companies transform with automated, modern services, using technology to create new models of customer support. Through the combination of digital processes, legacy expertise and ability to deliver individualized interactions at massive scale, Conduent enables companies in all industries to reduce costs, better serve customers and ultimately increase profitability.

The Challenges of Banking System today
The Indian Banking System has a history of struggling to cater to the ever increasing customer base, changing industry guidelines. This results is a constant struggle for BFSI organizations when maintaining business continuity when upgrading to newer technologies, bringing in new applications or opening up new branches. Banking CIOs constantly face issues arising out of technology that becomes obsolete as quickly as it comes to the market. This brings up challenges around reinvestment of costs time and again, regulatory needs and compliance complexities, and the ever increasing security needs.

All these challenges coupled together give CIOs a tough time in maintaining business continuity and aligning the organizational goals and targets to the transforming technology and competitive market landscape. Over time, banking IT infrastructures has become extremely complex and even the biggest names in the Indian BFSI sector cannot remain unaffected by the challenges in addressing industry specific needs in a timely and cost effective manner.

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How the Community Cloud Empowers Banking CIOsThe Cloud4C Banking Community Cloud which they aptly nickname as the ‘Bank-in-a-Box Solution’ boasts unprecedented credentials as being the World’s 1st Tier-4 Banking Community Cloud, that delivers a reliable, on-demand self-service with rapid elasticity and measured services. In simple words, the Banking Community Cloud enables Banks to optimize costs whilst maintaining desired levels of security, compliance management and efficiencies.

Cloud4C and CtrlS Founder, Sridhar Pinappureddy explains, “This unique next generation “Bank in a Box” service with enhanced functionality is specifically tailored to meet the burgeoning digital needs of the financial industry with strong underlying IT Governance to ensure effective and efficient usage of banking information technology infrastructure.”

Traditionally, a Bank requires around 25 diverse applications for processes and offerings including ATMs, Credit and Debit Cards, Mobile Apps etc. to serve their business needs, apart from the core banking and regular business apps like CRM and HR. The emphasis on security is vital for the Banking vertical which deals with the most important assets of their customers like their life savings and investments that ensure a better future in today’s economic scenario.

In order to ensure bullet proof protection for these IT applications from disasters like data loss and security breaches, banks usually require more than 40 controls using over 20+ security tools – all of them have been incorporated into Cloud4C banking community cloud. The biggest headache that Banking CIOs face when ensuring an up to date security framework is deploying and management of these diverse applications which traditionally requires engagement of a large number of technology partners and service providers, along with an adequately skilled in-house team to manage them – again here, Cloud4C helps them by managing the overall infrastructure backed by managed services to ensure the Banking CIOs focus on their core business and engage their mind on strategy and transformation, leaving the mundane activities to Cloud4C and its team of cloud experts.

The Cloud4C Banking Community Cloud empowers the Banking CIOs by substantially reducing this complexity by providing all the required applications on their banking community cloud, managing their infrastructure and applications with a single SLA. The Banking Community Cloud offerings include the entire array of functionalities needed by the CIO of a large National Bank right from test & dev, application administration, complete security, accent management, among others, giving the customer a conclusive deal with market benefits in cost savings and uptime.

Perhaps the biggest benefit for Banking CIOs deploying the Banking Cloud is the unbelievably efficient time to market. Banks even with the most efficient of CIOs traditionally take at least 8 to 9 months when launching a new branch from an IT standpoint. With the Cloud4C Banking Community Cloud, CIOs have been successful in launching completely IT ready Bank branches in as less as 3 weeks.

The CtrlS Promise: Faster, Better and More Secure Coupled with the substantial reduction in time to market and better control over applications, Cloud4C promises a 40 percent decrease in pricing and which has made the Cloud4C Banking Community Cloud has come across as a no brainer for a number of Banking CIOs in the country. The biggest USP of the Cloud4C Community Cloud offering is the specific customizations that render it apt for the customer’s specific needs.

Sridhar estimates that currently the community cloud easily brings up savings by 30 to 40 percent and improved uptime in applications. This is music for the ears of Banking CIOs. Sridhar explains, “They are now happy with uptime up to three 9s and we are now reaching up to four 9s: it’s improving day by day.”

The Cloud4C banking community cloud has been making good strides recently with Indian Banks subscribing to the Banking Community Cloud and operating their banks successfully. As per Sridhar, the Banking Cloud has over already powered 16 Banks in India, Middle East and Europe and the numbers are growing at a steady pace.

Sridhar opines, “All of this happened in the midst of a highly competitive marketplace. So that’s our strategy: continue to differentiate and provide a different value proposition all together. There is nobody else in India or globally doing the same thing as of now. I believe this (community cloud) will be very big in the coming years.”

Highlights of CtrlS Banking Community Cloud: