Cognizant (NASDAQ: CTSH) and Monitise (LSE: MONI) today announced a global alliance that will help financial institutions embrace the mobile channel of interaction, and develop effective and innovative mobile banking, payments, and commerce solutions.
Combining Cognizant's extensive financial services and mobility expertise with Monitise's leading mobile money platform, the alliance will help global financial institutions speedily respond to the mobile money opportunity that is gathering significant momentum. By leveraging an interoperable platform instead of solutions from disparate products and mobile operating systems, financial institutions will be able to lower the total cost of ownership, and drive newer revenue streams through enhanced mobile adoption.
"Mobile is, without question, the channel of the future," said Alastair Lukies, Chief Executive of Monitise Group. "Our strategy involves extending our Monitise Enterprise Platform to the world's leading banks and payment companies to help them improve and expand their customer relationships. As money becomes increasingly digitized amid exploding demand in the highly-competitive mobile money space, we look forward to collaborating closely with Cognizant to support financial institutions across the world in developing strategic, effective, and timely mobile services."
"Mobile technology has the potential to significantly change consumer-facing industries," said Mahesh Venkateswaran, Managing Director, Social, Mobile, Analytics and Cloud at Cognizant. "As a route to market, it reshapes the channel mix; as a computing and service platform, it redraws the ways in which businesses engage with customers; and as a new technology architecture, it creates opportunities for new products and revenues. The accent in this new world of consumer services is on true personalisation, context-aware systems, and real-time services. Cognizant is committed to helping clients reinvent their businesses using mobile technologies, and we are excited to partner with Monitise to bring the next generation of mobile money solutions to financial institutions."
"Mobile money has arrived and is driving a disruptive shift in channel interaction with consumers, thereby accelerating the replacement of cash and bringing new products to consumers," said Prasad Chintamaneni, Senior Vice President and Global Head of Cognizant's Financial Services practice. "By combining Cognizant's extensive expertise and experience in delivering innovative domain and technology solutions to financial institutions with Monitise's acclaimed platform-based mobile solutions, we are well positioned to help our clients develop compelling mobile banking, payments, and commerce solutions, thereby reducing time-to-market, enhancing customer experience, and driving business growth."