TEANECK, N.J., Nov. 8, 2013 /PRNewswire/ -- Cognizant (NASDAQ: CTSH) today announced it has ranked fifth on the FinTech 100, an annual international ranking of the top technology providers to financial services companies worldwide as named by American Banker, Bank Technology News, and IDC Financial Insights. This marks the eighth consecutive year Cognizant has been on the FinTech 100 since the ranking's debut in 2006.
The FinTech 100 represents an elite group of companies that derive at least 33 percent of their revenue from the financial services industry. Developed by American Banker and Bank Technology News in conjunction with Financial Insights, an IDC company, the ranking is categorized and evaluated based on 2012 calendar year-end revenues and the percentage of revenues exclusively attributed to financial services. Financial Services is one of the key industry sectors served by Cognizant and represented 41.3 percent of Cognizant's revenue in calendar year 2012.
"Our success in the financial services industry is built on our passion to help the world's leading financial services companies challenge the status quo and make sure they stay relevant in the marketplace and their business models viable for the future," said Rajeev Mehta, Group Chief Executive, Industries and Markets, Cognizant. "Financial services companies must increasingly transform themselves in the face of regulatory demands, intensifying competitive pressures, game-changing technologies such as social, mobile, analytics and cloud (SMAC), and a new generation of Millennial customers. Our continuous investment in strong client relationships, global services delivery excellence, industry-specific capabilities, and deep technology expertise positions us well to conceptualize, architect, and implement new and expanded capabilities for our clients. By enabling them to enhance customer experience, increase revenue, improve products and services, expand market share, and adopt variable cost structures, we help them 'run better' and 'run different'."
About Cognizant's Financial Services Practice
Cognizant's Financial Services practice, which includes banking, insurance, and transaction processing, is the company's largest industry segment, serving leading financial institutions and insurers in North America, Europe, and Asia-Pacific. Current clients include nine of the top-15 North American financial institutions, all 10 of the top-10 European banks, and seven of the top-10 global insurers. The practice leverages Cognizant's deep domain and consulting expertise to provide solutions across the entire financial services spectrum. These next-generation solutions create new capabilities for clients while also mitigating risks; complying with regulations; capitalizing on new business opportunities; and driving efficiency, effectiveness, innovation, and virtualization across many lines of business. The practice supports retail and commercial banks, diversified financial enterprises, investment banks, brokerage firms, asset management firms, depositories, exchanges, property and casualty insurers, life insurers, reinsurance firms, and insurance brokers.
Cognizant (NASDAQ: CTSH) is a leading provider of information technology, consulting, and business process outsourcing services, dedicated to helping the world's leading companies build stronger businesses. Headquartered in Teaneck, New Jersey (U.S.), Cognizant combines a passion for client satisfaction, technology innovation, deep industry and business process expertise, and a global, collaborative workforce that embodies the future of work. With over 50 delivery centers worldwide and approximately 166,400 employees as of September 30, 2013, Cognizant is a member of the NASDAQ-100, the S&P 500, the Forbes Global 2000, and the Fortune 500 and is ranked among the top performing and fastest growing companies in the world. Visit us online at www.cognizant.com or follow us on Twitter: Cognizant.
This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions and the factors discussed in our most recent Form 10-K and other filings with the Securities and Exchange Commission. Cognizant undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.