Cognizant ties up with Monetise to leverage m banking

New Jersey-headquartered IT company Cognizant Technology Solutions and Monitise, a global leader in mobile money solutions, entered into an agreement to help financial institutions develop mobile banking, payments and commerce solutions. 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, CEO of Monitise Group. " 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."

"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 VP and global head of Cognizant's Financial Services practice.