The Future

of Money
Transforming the customer relationship for the
financial services industry by understanding
how people relate to money.
 Executive Summary:
The Slow-Money
Challenge Is the Next
Digital Imperative in
Financial Services
On January 1, 2018, all banks in the European
Union will lose a key competitive advantage.
From that date on, they will no longer be able to
access data in their customers online accounts,
including their transaction and balance history.
PSD2 the Payment Services Directive is not
a stand-alone initiative.1 Regulators in North
America are also exploring ways to even the
playing field across the financial services indus-
try. This will accelerate competition, creating the
foundation for increased digital disruption.
When we meet executives at banks,
retirement services providers and insurance
companies, they dont view their customer re-
lationships with the same confidence as before.
They are thinking long and hard about what it
will take to maintain and deepen relationships to
ensure customers will remain with them longer
and use more of their products and services.
Given how much money the financial services
industry spends on digital (estimated to be more
than $310 billion annually by 20202), executives
should be asking questions such as:
2
Where should we focus our
digital investments?
How do we build stronger customer
relationships when we become
more digital?
What is the key to retaining more
customers?
How do we sell more products per
customer without compromising
company culture and ethics?
What should digitization do for our
company over the next three to
five years?
There are so many priorities,
but what should we focus on?
This white paper is written for executives
like you, who are looking to get the right an-
swers. We scoured 100-plus reports on the future
of financial services, but found they were primar-
ily focused on asking customers what they want.
The problem is, your customers do not know
what they want. They are often unaware of why
they act the way they do.
To understand what customers really want,
financial institutions (FIs) need to approach
these questions as anthropologists do: Study
people in their real environments and under-
stand how they make sense of money, invest-
ments, pensions, savings, credit and wealth
preservation.
In the fall of 2016, we embarked upon the
most comprehensive anthropological study un-
dertaken in recent times on the future of money.
The study closely followed the lives of people
in the U.S., the UK and Germany, uncovering
hidden truths about their behaviors, emotions
and habits around dealing with finance and FIs.
We also conducted a survey of 3,000 consumers
and multiple interviews with academics, FI execs
and fintech industry players (see Methodology,
page 17).
This white paper provides an entirely new
perspective on what it will take for FIs to build
healthy and winning relationships with their
customers in a more digital future. It provides
new clarity on what matters to your customers,
where to focus innovation and what you as a
leader must do to ensure digital investments
deliver on what customers really want.
The core idea is that financial providers
should focus the next wave of digitization on
what we call peoples slow money (any future
spending or saving) rather than fast money
(their daily and short-term spending). Until now,
digital innovation and fintechs have largely
focused on solving problems related to peoples
fast money.
While digitization has delivered many
benefits for customers and companies, it hasnt
resulted in the strong customer relationships
necessary for winning in the future. In contrast,
our study demonstrates that getting slow money
right will make consumers more loyal, less price
sensitive and more inclined to do more business
with your organization. Thats why we believe
that resolving peoples slow-money challenges is
the next digital imperative in financial services.
And its why we estimate that banks can achieve
a financial impact corresponding to an increase
of 14.2% of revenue by getting the slow-money
challenge right.
The Future of Money | 3
 Part 1:
Peoples Relationship
with Money Is Broken

On the surface, peoples relationship with money Linda piece together her fragmented financial
appears straightforward. Digital finance has ecosystem.
made it easier than ever to make payments, Across the U.S., Germany and England, we
check balances and access financial data. It is heard various stories, all with the same theme:
easy to assume that money has never been sim- People feel as if they are not in control of their
pler. But go into any home and spend time with money. The people we met are struggling to
people exploring their finances, and you hear a manage their spending habits, agonizing over
very different story. how to best plan for retirement, and worrying
In Los Angeles, we spent two days with their insurance providers wont pay out.
Linda, a 54-year-old event consultant. We sat Beneath these practical concerns lies a per-
down with Linda and asked her to map out her sistent sense of anxiety caused by being over-
financial products and providers. Two hours later, whelmed by their finances, lacking a sense of
she had finalized mapping
out her 14 credit cards, six People feel as if they are not in control
insurance policies, five mort-
gages and multiple pensions. of their money. The people we met are
She forgot which products struggling to manage their spending
she had with which provider
and failed to recall a retire- habits, agonizing over how to best plan
ment account entirely. for retirement, and worrying their
While Linda may have
several more financial prod- insurance providers wont pay out.
ucts than most, her experi-
ence with finance is similar to that of everyone financial agency and experiencing their money
we met: She acquired her accounts ad hoc over as fundamentally fragmented. As Blair from the
the years, and her financial setup seems overly Bronx, New York, told us: I woke up in the mid-
complex and unwieldy. There are gaps and re- dle of the night last night because I was having a
dundancies. Her finances are far from optimized. nightmare about money.
This fragmentation plays a significant role in why Every element of consumers financial
Linda feels her finances are out of control. Her setup is deeply interconnected. To take a simple
service providers, some of the leading financial example, what people spend day-to-day affects
services institutions in the U.S., are not helping how much they will save; however, rather than

4
Its that Stressful
The biggest sources of stress in peoples lives are as follows:

% 0 10 20 30 40

Financial or money challenges

Health concerns
Relationships and family responsibilities
My job (if employed)
Terrorism and crime
None of these

37 % say money and finances are the

biggest source of stress in their lives.

Figure 1
Source: ReD Associates and Cognizant survey of 3,074 consumers in the U.S. and the UK, 2017

experiencing this
When you ask people about their biggest
link, they perceive
their network of source of stress, they dont say terrorism, their
money in frag-
health or their job prospects they point to
ments. Finance is
atomized, and that finance and money challenges.
atomization feeds
insecurity and worry for the people we met. pervades almost everything people value in life.
When you ask people about their biggest And so, when peoples relationship with money
source of stress, they dont say terrorism, their is broken, it is almost as if their relationship with
health or their job prospects they point to life itself were broken. This needs to be fixed. But
finance and money challenges (see Figure 1). FIs it requires a deeper understanding of why this
have a long way to go to help customers improve relationship is broken.
their financial well-being and truly be relevant in
their lives.
In short, peoples relationship with money
is broken. This finding was, to us, deeply dis-
turbing. No other consumer product we have
ever studied has the same all-pervasive quality.
For the people we met, not knowing if they are
saving enough for retirement means not know-
ing how they will live when they grow older, or
if they will be able to retire at all. Not knowing
whether they are putting enough money aside
for their childrens education means not knowing
whether they are competent parents. Money

The Future of Money | 5

 When we look at their relationship with money,
people with fluid lifestyles are the most stressed
about their finances. They are also the most digital
consumer group. And even if they believe their
banks have a good understanding of their needs,
they are also the least loyal group of consumers.

6
When You Get Your Consumers
Wrong, You Wreck Their
Relationship with Money
In our research, we consistently heard consumers com-
plain that their FIs do not get them. People said they
consistently felt put in the wrong boxes. We looked at
all these interviews, from thousands of customers and
dozens of executives, and found that consumers could
be segmented in two basic ways.
By Age and Gender
Many of the industry executives with whom we met
said they were kept up at night by their customers
generational changes, as well as the different ways
men and women navigate finance. And rightly so: Our
data suggests there are quite important differences
across age groups when it comes to finance.
For example, millennials use digital slow-money
products much more frequently and are much more
stressed about money than are their boomer parents.
Similarly, there are differences between men and
women, even though these differences are significant-
ly smaller than those between age groups. To take
just one example, women worry more than men about
their finances.
By Fluids and Fixed
Our research also pointed to another, less well-known
difference namely, between what we call people with
fluid lifestyles and those with more fixed lifestyles.
People with fixed lifestyles will typically stay in the
same job for many years. They are less likely to live in
a different country from the one in which they were
born. People with more fluid lifestyles, on the other
hand, are more likely to change industry or country.
They also tend to be better educated and have higher
incomes than their stable lifestyle counterparts.
When we look at their relationship with money,
people with fluid lifestyles are the most stressed about
their finances, and the most likely to use digital tools
to manage their finances. And even if they believe
their banks have a good understanding of their needs,
they are also the least loyal group of consumers (see
Figure 2).

Understanding Different Customers

% 0 10 20 30 40 50 60 70 80 % 0 10 20 30 40 50 60 70 80 % 0 10 20 30 40 50 60 70 80

Money and finance is

a big source of stress

Regularly use apps

and online tools for
slow money

Believe their bank has a

good understanding of their
financial goals and needs

Age Gender Lifestyle

Millennials Men Fluid Lifestyle
Boomers Women Fixed Lifestyle
Figure 2
Source: ReD Associates and Cognizant survey of 3,074 consumers in the U.S. and the UK, 2017

The Future of Money | 7

 Part 2:
Two Fundamental
Types of Money:
Fast and Slow

Ask any economist, and theyll tell you money later life, acting as her de facto retirement plan.
is fungible: A dollar in my wallet is equivalent to This is what she believed despite the housing
and wholly exchangeable with a dollar in my bank turmoil seen across the world just a few years
account. Every euro is exactly the same as every ago. For Alice, her mortgage was useful, produc-
other euro. But all the people we met with have tive debt, but her credit facility was negligent,
a strikingly different experience of their money. indulgent debt.
They exhibit a wide variety of attitudes, feelings We saw, over the course of our ethno-
and behaviors around different pots of money. graphic studies, great diversity in how different
Alice, a 28-year-old senior healthcare man- people think and feel about money. This diversity
ager from London, was proud to
earn an 80,000 salary but felt We saw great diversity in how people
a tinge of guilt about the money
she borrowed from her parents
think and feel about money. This diversity
for a down payment on her first is fundamentally misaligned with how
mortgage. She found it very financial institutions think about their
easy to spend all the money on
her credit card on nights out
customers money.
in London but diligently trans-
ferred money to her parents for safekeeping is fundamentally misaligned with how financial
each month, money that she refused to touch institutions think about their customers money.
unless she faced a financial emergency. Within all the attitudes and perceptions of mon-
She saw her pension as a backup plan ey, there was a clear pattern: People experience
something she could not rely upon given the their money as falling into one of two primary
fragility she perceived in the financial system. types: fast and slow.
On the other hand, she saw her home, given its Fast money (bill payments, daily expen-
clear tangibility and no visible price volatility, as ditures, bank accounts, etc.) is used in and
a reliable investment that would support her in assigned to the present and near future; it is

8
 FAST MONEY SLOW MONEY
Current checking accounts, Standing orders, savings accounts,
overdrafts, credit facilities, cash, pensions, insurances, financial market
mobile payments investments, physical assets

Short timeframe Long timeframe

parameters

Little skill/faith needed Significant skill/faith needed

Defining

More intelligible Less intelligible

Mostly simple decisions Mostly complex decisions

Goal: Simplicity Goal: Stability and security

Figure 3

engaged with on a regular basis, and its manage-
ment is now often digital. Fast money is primarily
functional in nature, and is exchanged for goods
and services. Slow money (pensions, insurance,
investments, etc.) is assigned to some distant
future purpose and is vastly more difficult for
customers to manage and comprehend. In the
present moment, the primary value of slow mon-
ey is to give people peace of mind.
Fast money has greatly benefited from dig-
itization. For customers, digitization has brought
a level of efficiency, accessibility and conve-
nience to their fast-money management that is
hugely appreciated. Providers that were the first
movers in this space often won over customers
with these new digital offerings. However, the
industry is far from having successfully estab-
lished what digital can do for slow money. And
it is around slow money that people face by far
their greatest financial needs and challenges.
Instead of providing comfort and certainty
that they are well prepared for the future, people
agonize over their slow money. They struggle
to translate their personal needs and life goals

The biggest barrier for financial institutions

in building meaningful customer relationships
today is establishing how digital can support
peoples slow-money challenges.

The Future of Money | 9

 Dissecting Online Money Management

Pretty complicated Not that digital

People who find the following products People who use digital apps or online tools to
very easy to manage. get information on the following products
very regularly or regularly.
100 100

80 80

60 60

40 40

20 20

0 0
% %
Daily accounts

Online banking activities

Savings accounts

Credit cards

Home insurance

Pension or retirement
savings

Life insurance

Investment portfolio

Bank balance

Transaction history

Savings

Insurance products

Pension or retirement
account(s)
Figure 4
Source: ReD Associates and Cognizant survey of 3,074 consumers in the U.S. and the UK, 2017

into financial targets, and they fail to understand

whether they are on track to meet those targets
once they have been set. They do not trust that
their slow money and the financial providers that
hold that money will support them in the future.
Their slow money doesnt make sense to them,
and it fails to alleviate their financial stress.
Today, the biggest barrier for FIs seeking
to build meaningful customer relationships
is demonstrating how digital can support the
marriage of peoples fast- and slow-money
challenges.

10
 Part 3:
Escaping the
Utility Trap
From North America to Asia Pacific, the finan-
cial services executives we met with are looking
for solutions that will enable their businesses
to build stronger relationships with customers.
Naturally, they are searching for opportunities to
improve product penetration, increase revenue
per customer and boost customer retention.
What is striking is the growing void between that
ambition and how customers really feel about
their financial services providers. Customers told
us, increasingly, that they feel as if they have a
distant, impersonal and at times antagonistic
relationship with their providers.
Only 19% of consumers we surveyed
described their financial providers as having a
proper understanding of their financial needs
and goals. Twice as many consumers described
their financial providers as wanting their money
(42%) vs. helping them get more out of their
money (21%). Rather than seeing financial pro-
viders as a legitimate, reliable source of financial
guidance and support, financial institutions are
seen as utilities.
In Munich, Anita, a 45-year old mother of
two and legal council at a publishing firm, de-
scribed her low expectations of her bank.
[My current account] is like electricity; it just
comes out of the socket ... and I want my money
to come out of the machine when I need it that
is it.
It might seem natural to attribute weak
customer loyalty and engagement to the last
decades financial crisis, bankers dispropor-
tionate bonuses, ongoing financial scandals and
newsworthy cases of litigation. Certainly, many
of the people we met described themselves as
being more skeptical of FI since the global eco-
nomic woes of 20072008. Far more critically,
however, is the transactional relationship people
have with providers and the regularly alienating
experience they have when interacting with
customer services.
When we met Anthony, 44, in London, he
had decided to finally act on his long-term goal
of setting up a personal retirement account. We
joined him on a visit to see an advisor at his local
branch of a major high-street bank in the neigh-
borhood of Canary Wharf. On arrival, the advisor
established the purpose of Anthonys visit and
identified him in the system. Despite having been
a customer with the bank for over 20 years,
Anthony was asked various questions about his
salary and personal situation. The bank did not
offer any pensions that were relevant to him, so
The Future of Money | 11
 Our Survey Said ...
Many financial services providers And a large majority believe banks
fail to attend to their customers are focused purely on transactional
slow-money needs, our research activities.
revealed. For instance:

27% said an FI professional has

checked whether they have the right
90%
insurance coverage. 10%

25% noted that an FI professional has

analyzed their plans for retirement to
see if they are saving enough.
90% said their relationship with their bank
24% pointed out that someone from is defined by simple transactions, such as
an FI professional has reviewed their depositing money and checking account
savings and offered advice on getting statements, etc.
more out of their money.

23% said an FI professional from an FI

had reached out to them with advice
on getting more out of their money.

Figure 5
Source: ReD Associates and Cognizant survey of 3,074 consumers in the U.S. and the UK, 2017

12
 We consistently found that providers either
overwhelmed their customers with information,
product options and features, or they outsourced
financial decisions for their customers, leaving
them feeling like they were in the dark.
Anthony left the bank feeling just as confused
about his options and doubtful that his bank
understood him and his needs. This FI missed an
opportunity to play an advisory role in Anthonys
financial life, instead reinforcing his perception
that the bank and its services were not relevant
to him.
To avoid becoming purely a utility provider,
with no meaningful customer relationship, finan-
cial institutions would do well to recognize the
role they can play in customers financial lives.
We consistently found that providers either
overwhelmed their customers with information,
product options and features, or they out-
sourced financial decisions for their customers,
leaving them feeling like they were in the dark.
In both scenarios, customers felt out of control
and unsupported.
There is, however, a middle ground, where a
few institutions successfully help their custom-
ers navigate their finances. The best financial
services:
Guide the customer through financial
decisions about how they want to live
and what their goals are for their money.
Take care of the practical details but
regularly update the customer and leave
them feeling in control.
Translate their financial data into
information that is meaningful for the
customer.
Recognize that customers wanted peace
of mind from their slow money.
Financial services providers should adapt these
principles and best practices to the digital space,
giving customers convenience when it comes to
their fast money and meaningful guidance and
integration when it comes to their slow money.
The Future of Money | 13
 Part 4:
Getting Started
To provide customers with a unique and mean-
ingful sense of agency, we see five actions that
FIs should consider taking immediately:
1. Activate data to recognize the customer:
Most FIs have an abundance of customer data
yet consistently fail to recognize customers, re-
sulting in broken interactions and situations, with
the wrong products and services being pushed
to the wrong consumers. FIs must build a system
of recognition that remembers everything about
the customer and consolidates transactional,
behavioral, financial and socio-demographic data
into one truth about the customer that is shared
and used at every touchpoint.
2. Build predictive models for financial key
moments: Most financial providers talk about
life events, and yet we did not meet one custom-
er who said his or her provider had systematical-
ly been of help during key life events such as ed-
ucation, marriage, parenthood, changing jobs or
losing family members. Building better predictive
models (while respecting consumer privacy) can
help FIs better understand when their customers
are about to experience life events with major
financial ramifications. Working to identify ways
of being relevant not only for life events them-
selves but also to help consumers prepare for
them will differentiate leading FIs from laggards.
Customers dont want to become
experts in finance, but they do want
a sense of mastery when it comes to
dealing with their money.
14
3. Release the power of digital learning:
Customers dont want to become experts in
finance, but they do want a sense of mastery
when it comes to dealing with their money. FIs
must learn to motivate people to develop skills
and sensibilities in a way that fits each custom-
ers capabilities and situational needs without
making them feel they are in school. It is critical
to help customers by integrating guidance and
data interpretation into the front end of existing
digital platforms and providing guidance at the
moment theyre making a financial decision.
4. Digitize financial advice: As FIs continue
to replace people and branches with digital
offerings, theres never been a greater need to
develop tools that nurture good financial habits
and guide customer decision-making. FIs must
properly pivot to turn their expertise into offer-
ings that guide customers to healthier financial
behaviors and interpret what their financial data
concretely means for their situation. They must
provide meaningful points of comparison to help
customers understand whether they are finan-
cially on track.
5. Organize around the customer: Often,
financial institutions are structured in siloes, or-
ganized around product lines and departments,
and not the customers they serve. They must
serve up a shared point of view on what matters
most to customers and better share and surface
data that resides across business units.
They must also evaluate performance
based on the financial well-being of the
customer rather than product or compa-
ny satisfaction.
Digitizing Slow Money Can Help Banks
Significantly Increase Revenue and Reduce Costs

By digitizing slow money, we estimate that banks Cost Reduction

can achieve a financial effect that corresponds to Digitizing slow money will also have significant cost-re-
an increase of 14.2% of revenue. For a top-five U.S. duction effects. Overall, our estimate is that banks can
consumer bank, this would mean an annual lift of more achieve an annual cost reduction effect corresponding
than $4.5 billion. to 6.2% of revenue. The largest single effect will come
from digitization of customer interaction, as more
Revenue Increases customer-bank interactions will move online. Other
The majority of the impact comes from increased impacts will be derived from the following:
revenue. Overall, we estimate that banks could achieve
Reduced cost of customer acquisition.
an annual revenue increase of 8%. The biggest impact
Reduced cost due to consolidation of IT
stems from a reduction in customer churn more
slow-money products will increase customer loyalty systems required for banks to combine fast

and lock-in. Other increases will be derived from: and slow money.
Lower loan loss provisions, as risk assessment
Attracting new customers from competitors. will be improved through better and smarter
Attracting customers who may not have full customer profiling.
coverage of financial products.
Increasing the number of products sold to each
customer through synergies between fast- and
slow-money products and services.
Raising the revenue generated per customer.

Maximizing Digitals Fast- and Slow-Money Impact

Revenue effects 8% Cost effects 6.2% TOTAL (%)

14.2
0.3% 0.1%
Cost
4.3% 6.2%
0.9%
0.6%

1.8%
1.5%
1.5% Revenue
8%
3.1%
Reducing
customer churn

Increasing customer
acquisition

Increasing number of
products per customer

Increasing revenue
per product

Reducing cost
of acquisition

Reducing Op-Ex by
consolidating IT systems

Reducing cost by digitizing

customer interaction

Reducing Cap-Ex by
consolidating IT systems

Reducing Op-Ex through

lower loan loss provisions

Figure 6
Source: ReD Associates and Cognizant, estimates based on previous project experience, standard industry assumptions and latest available annual
reports from the five largest U.S. consumer banks. Implementation costs are not included.

The Future of Money | 15

 METHODOLOGY

The study was conducted over five months in
2016 and 2017 and was comprised of:
An ethnographic study with 32 families and
their social networks in the U.S., England
and Germany. We spent two full days with
each person, meeting their friends and
families as well as their key financial advisors
(professionals or personal relations).
A survey of 3,000 people in the U.S. and the
UK to test the insights from the ethnographic
study.
In-depth conversations with professionals with
decades of experience advising consumers on
key financial decisions.
Interviews with academic thought leaders
with in-depth understanding of how peoples
relationship to money has evolved historically.
Conversations with more than 50 leaders from
some of the worlds biggest financial services
institutions as well as fintech entrepreneurs.

ACKNOWLEDGEMENTS

The authors would like to thank Steve DeLaCastro and Ed Merchant, Senior Digital Partners in
Cognizants Banking and Financial Services business unit, and Mikkel B. Rasmussen, EU Director of
ReD Associates, Funke Sangodeyi and Daniel Bird from ReD Associates, for their meaningful
contributions to this report.

FOOTNOTES

1. Payment Services Directive, European Commission,

https://ec.europa.eu/info/law/payment-services-psd-2-directive-
eu-2015-2366_en.
2. Philippe Dintrans, Manish Bahl and Amit Anand, Seizing the Digital
Advantage in Banking and Financial Services, Cognizant Technology
Solutions, 2016, https://www.cognizant.com/FoW/twa-banking-and-
financial-services-codex2320.pdf.

16
ABOUT THE AUTHORS
ANDREAS WESTER
HANSEN
RED ASSOCIATES
Andreas W. Hansen is a partner with ReD Associates
in Copenhagen. He draws on the social sciences to
advise some of the worlds largest companies on topics
including corporate strategy, marketing strategy and
organizational development. Andreas has 15 years
of experience at The Boston Consulting Group, the
Danish Ministry of Finance and as a journalist. He
holds an MBA from London Business School, an MA in
cultural studies from Goldsmiths College, University of
London, an honors bachelor in international relations
from University of Cape Town, and an MsC and a BsC
in political science from University of Copenhagen.
Andreas frequently writes on topics related to business
strategy, and has published in leading outlets, including
Harvard Business Review. He can be reached at awh@
redassociates.com.
MARTIN GRONEMANN
RED ASSOCIATES
Martin Gronemann is a partner with ReD Associates in
Copenhagen. He has driven ReDs practice in financial
services over the past five years, advising C-suites on
how to get in sync with the reality of their customers
needs and lives. Drawing on social science, Martin has
worked with clients to develop customer engagements
that create trust and financial well-being for people;
transition to a more digital customer engagement
model; build stronger and more profitable customer
relationships; and uncover new sources of growth.
Martin has worked with a broad spectrum of financial
services clients, including retail banks, pension
providers, wealth managers, and insurance companies.
He has 10 years of experience at ReD and holds an MA
in political science from the University of Copenhagen
where he has also worked as external lecturer. Martin
frequently gives talks and writes on how to use human
sciences to drive strategic decision-making. He can be
reached at mgr@redassociates.com.
PHILIPPE DINTRANS
COGNIZANT
Philippe Dintrans is Chief Digital Officer and Leader of
Cognizant Business Consultings Banking and Financial
Services Practice. Philippe has led numerous consulting
engagements covering business transformation, IT
transformation and change management for marquee
Cognizant clients. He holds a masters of science
degree in engineering from the Massachusetts Institute
of Technology (MIT) and an MBA from INSEAD. Philippe
can be ached at Philippe.Dintrans@cognizant.com.
SRINIKETH
CHAKRAVARTHI
COGNIZANT
Sriniketh Chakravarthi leads Cognizants North Amer-
ican Banking and Financial Services (BFS) business
unit. During his tenure at Cognizant, Sriniketh has
held multiple roles, including BFS leader in Continental
Europe and BFS leader for business process services
in North America. He also led corporate development
for Asia Pacific and was instrumental in setting up and
expanding Cognizants footprint in China and in the
Asia Pacific region. He holds a bachelors degree in
engineering from the National Institute of Technology,
Jamshedpur, and an MBA in finance from the Indian
Institute of Management, Calcutta. Sriniketh can be
reached at Sriniketh.Chakravarthi@cognizant.com.
The Future of Money | 17
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spectrum, and enables our clients to manage business transformation challenges, drive revenue and cost optimization, create new capabilities, miti-
gate risks, comply with regulations, capitalize on new business opportunities, and drive efficiency, effectiveness, innovation and virtualization. Learn
how Cognizants Banking and Financial services practice helps clients lead with digital at www.cognizant.com/banking-financial-services or follow us
@Cognizant.

ABOUT RED ASSOCIATES

At ReD, we put a deep understanding of real people back at the center of business decision-making. Our teams solve some of todays hardest prob-
lems. Over the last 10 years, ReD has led a quiet revolution in thinking about business. All of our work begins with an exploration of the customers
worlds using social science tools to understand how people experience their reality and, in turn, offering businesses a reality check on what is
meaningful to people. More information can be found at www.redassociates.com.

ABOUT COGNIZANT
Cognizant is one of the worlds leading professional services companies, transforming clients business, operating and technology models for the dig-
ital era. Our unique industry-based, consultative approach helps clients envision, build and run more innovative and efficient businesses. Headquar-
tered in the U.S., Cognizant is ranked 230 on the Fortune 500 and is consistently listed among the most admired companies in the world. Learn how
Cognizant helps clients lead with digital atwww.cognizant.comor follow us @Cognizant.

World Headquarters European Headquarters

500 Frank W. Burr Blvd. 1 Kingdom Street
Teaneck, NJ 07666 USA Paddington Central
Phone: +1 201 801 0233 London W2 6BD England
Fax: +1 201 801 0243 Phone: +44 (0) 20 7297 7600
Toll Free: +1 888 937 3277 Fax: +44 (0) 20 7121 0102

India Operations Headquarters Cognizant Digital Business

#5/535 Old Mahabalipuram Road 205 East 42nd Street
Okkiyam Pettai, Thoraipakkam 21st Floor
Chennai, 600 096 India New York, New York 10017
Phone: +91 (0) 44 4209 6000 Phone: +1 212 879 6911
Fax: +91 (0) 44 4209 6060

Copyright 2017, Cognizant. All rights reserved. No part of this document may be reproduced, stored in a retrieval system, transmitted in any form or by any means, electronic,
mechanical, photocopying, recording, or otherwise, without the express written permission from Cognizant. The information contained herein is subject to change without
notice. All other trademarks mentioned herein are the property of their respective owners.

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