Cognizant partners with FSCS to provide technology services

IT service provider signs three-year contract with the Financial Services Compensation Scheme to deliver efficiencies and improve customer experience.

The UK’s Financial Services Compensation Scheme (FSCS) – an independent body funded by the financial sector in order that compensates customers when firms fail  – has chosen US-headquartered IT service provider Cognizant to improve customer experience and increase efficiencies through the use of technologies.

Cognizant says that over its three year engagement it will help the FSCS to: “Simplify, modernise and further secure a broad range of its systems and applications to help meet the digital needs of customers.” These changes will help the FSCS handle claims more efficiently create new channels for customer engagement, said Cognizant.

Since 2001, when it was established, the FSCS has been responsible for £26bn in compensation payments to depositors and investors.

“We are pleased to partner with FSCS to develop and modernise its systems and applications, driving higher operational efficiencies, while laying the foundation for continuous digital improvements,” said Vivek Daga, Cognizant vice president and head of the UK and Ireland.  “By combining deep technology, domain and public sector experience, Cognizant will help FSCS lower its costs, improve customer experience and deliver better business outcomes.”

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