The convergence of non-traditional rivals and heightened global regulation are creating new digital opportunities for banks. To seize the high ground, banks need to think like disruptors and apply modern digital tools, techniques and partnership strategies.
A very interesting report explaining how a collaborative model is taking place between traditional banks and FinTechs, whose strengths and weaknesses are very much complementary to each other.
Mercer Capital's Value Focus: FinTech Industry | First Half 2017Mercer Capital
Mercer Capital’s quarterly newsletter, FinTech Watch, provides an overview of the FinTech industry, including public market performance, valuation multiples for public FinTech companies, and articles of interest from around the web. This newsletter focuses on FinTech segments, including payment processors, technology, and solutions companies, examining general economic and industry trends as well as a summary of M&A and venture capital activity.
Investing in fintech: Trends in financial technology for investors and entrep...OurCrowd
Join Zack Miller, Head of the Investor Community at OurCrowd, and Mick Weinstein, VP of Marketing at BIllGuard for an in depth discussion of the recent trends and opportunities in the dynamic financial technology industry. Zack and Mick have both helped build some of the top companies in the space including Seeking Alpha, Covestor, OurCrowd, BillGuard, Lending Club, SigFig and more.
Join us to learn about:
How top investors and entrepreneurs think about the entire fintech ecosystem, from online asset management, to financial content, to consumer finance apps, and crowdfunding.
Which business models are taking hold and their future prospects.
The challenges and opportunities for investing and building a valuable company in the financial space.
A very interesting report explaining how a collaborative model is taking place between traditional banks and FinTechs, whose strengths and weaknesses are very much complementary to each other.
Mercer Capital's Value Focus: FinTech Industry | First Half 2017Mercer Capital
Mercer Capital’s quarterly newsletter, FinTech Watch, provides an overview of the FinTech industry, including public market performance, valuation multiples for public FinTech companies, and articles of interest from around the web. This newsletter focuses on FinTech segments, including payment processors, technology, and solutions companies, examining general economic and industry trends as well as a summary of M&A and venture capital activity.
Investing in fintech: Trends in financial technology for investors and entrep...OurCrowd
Join Zack Miller, Head of the Investor Community at OurCrowd, and Mick Weinstein, VP of Marketing at BIllGuard for an in depth discussion of the recent trends and opportunities in the dynamic financial technology industry. Zack and Mick have both helped build some of the top companies in the space including Seeking Alpha, Covestor, OurCrowd, BillGuard, Lending Club, SigFig and more.
Join us to learn about:
How top investors and entrepreneurs think about the entire fintech ecosystem, from online asset management, to financial content, to consumer finance apps, and crowdfunding.
Which business models are taking hold and their future prospects.
The challenges and opportunities for investing and building a valuable company in the financial space.
The banking sector is experiencing a major shift globally, as Challenger Banks are becoming increasingly formidable competitors to traditional banks and have begun to capture significant market share. Furthermore, the lines between banks and other consumer financial services providers are blurring, with several alternative lenders and robo-advisors beginning to offer banking products to their customers. E-commerce / internet giants are also jumping into the fray with Google and Amazon, among others, beginning to offer banking products. In response to the emergence of Challenger Banks, a number of incumbent banks have launched their own FinTech brands, and traditional financial institutions will likely turn to FinTech solution providers in order to defend their turfs. The report features an overview of trends in the Challenger Banking space as well as the broader banking ecosystem, a detailed landscape of Challenger Banks globally, a proprietary list of financing and M&A transactions, as well as exclusive executive interviews.
Presentation for Government Blockchain Association l San Juan, Puerto Rico l Piloto 151, 7'June 2018
(c) Vladislav Solodkiy, A.ID
www.followthemoney.id
Fintech M&A: From threat to opportunityWhite & Case
Fintech has evolved from being a disruptive threat to a major
opportunity for financial institutions. The possibilities for
dealmaking and M&A are almost limitless.
The fintech sector is being shaped by shifting market conditions, new regulations, and changes in consumer demands and behaviors.
For the past decade, fintech companies—technology firms that focus on financial products and services—have moved quickly, forcing incumbents to rethink their core business models and embrace digital innovations. But now, the fintech industry is itself maturing and entering a period of rapid change. Companies wondering how they will fit into this new era must first understand the forces that are pushing the changes.
While the industry will undoubtedly continue to expand as its customer base grows and investor appetite remains unsated, changes are imminent. Indeed, the very concept of what comprises fintech will shift. As the industry evolves, it will play a role well beyond financial products and services, individual companies will vie to become undisputed leaders by size and breadth, and ecosystems will develop that have a tight grip on customer loyalty.
This presentation is about the use of technology and innovative business models in financial services. It was presented at a conference entitled "Disruptive Innovations in Financial Services" sponsored by the Institute for Financial Services Analytics (IFSA) in the Lerner College of Business and Economics at the University of Delaware on March 3, 2016.
Solving Financial Constraints with Innovative Funding SolutionGilbert Tam 譚耀宗
After the credit crunch in 2008, SMEs though they are amounted to the 80-90% of business activites but their access to funding has been greatly impacted by the traditional lenders, banks, that after the 2008 credit cruch are reluctant to maintain such business if no "bricks and mortar" are provided by sellers.
The banking sector is experiencing a major shift globally, as Challenger Banks are becoming increasingly formidable competitors to traditional banks and have begun to capture significant market share. Furthermore, the lines between banks and other consumer financial services providers are blurring, with several alternative lenders and robo-advisors beginning to offer banking products to their customers. E-commerce / internet giants are also jumping into the fray with Google and Amazon, among others, beginning to offer banking products. In response to the emergence of Challenger Banks, a number of incumbent banks have launched their own FinTech brands, and traditional financial institutions will likely turn to FinTech solution providers in order to defend their turfs. The report features an overview of trends in the Challenger Banking space as well as the broader banking ecosystem, a detailed landscape of Challenger Banks globally, a proprietary list of financing and M&A transactions, as well as exclusive executive interviews.
Presentation for Government Blockchain Association l San Juan, Puerto Rico l Piloto 151, 7'June 2018
(c) Vladislav Solodkiy, A.ID
www.followthemoney.id
Fintech M&A: From threat to opportunityWhite & Case
Fintech has evolved from being a disruptive threat to a major
opportunity for financial institutions. The possibilities for
dealmaking and M&A are almost limitless.
The fintech sector is being shaped by shifting market conditions, new regulations, and changes in consumer demands and behaviors.
For the past decade, fintech companies—technology firms that focus on financial products and services—have moved quickly, forcing incumbents to rethink their core business models and embrace digital innovations. But now, the fintech industry is itself maturing and entering a period of rapid change. Companies wondering how they will fit into this new era must first understand the forces that are pushing the changes.
While the industry will undoubtedly continue to expand as its customer base grows and investor appetite remains unsated, changes are imminent. Indeed, the very concept of what comprises fintech will shift. As the industry evolves, it will play a role well beyond financial products and services, individual companies will vie to become undisputed leaders by size and breadth, and ecosystems will develop that have a tight grip on customer loyalty.
This presentation is about the use of technology and innovative business models in financial services. It was presented at a conference entitled "Disruptive Innovations in Financial Services" sponsored by the Institute for Financial Services Analytics (IFSA) in the Lerner College of Business and Economics at the University of Delaware on March 3, 2016.
Solving Financial Constraints with Innovative Funding SolutionGilbert Tam 譚耀宗
After the credit crunch in 2008, SMEs though they are amounted to the 80-90% of business activites but their access to funding has been greatly impacted by the traditional lenders, banks, that after the 2008 credit cruch are reluctant to maintain such business if no "bricks and mortar" are provided by sellers.
Payments innovation is Critical for Every Global EnterpriseXTRMAccount
As fintech software and service innovations continue to disrupt the Financial Services market, even non-financial firms need to think about how to take advantage of this trend to improve
their payments processes for the benefit of the company, their customers and their partners.
In order to develop a fact-based perspective, The Economist Intelligence Unit (EIU), sponsored by Hewlett Packard Enterprise, has conducted parallel surveys of more than 100 senior bankers and 100 Fintech executives. The objective is to determine their respective views on the impact of Fintech, the strengths and weaknesses of the participants and the likely landscape for the retail banking industry over the next five years.
Leading the pack in Blockchain bankingPauline Mura
How IBM can help
As one of the world’s leading research organizations,
and one of the world’s top contributors to open
source projects, IBM is committed to fostering the
collaborative effort required to transform how people,
governments and businesses transact and interact.
IBM provides clients the consulting and systems
integration capabilities to design and rapidly adopt
distributed ledgers, digital identity and blockchain
solutions. IBM helps clients leverage the global scale,
business domain expertise, and deep cloud integration
experience required for the application of these
technologies.
Blockchain rewires financial markets
How IBM can help
As one of the world’s leading research organizations, and one of the world’s top contributors to open source projects, IBM is committed to fostering the collaborative effort required to transform how people, governments and businesses transact and interact.
IBM provides clients the consulting and systems integration capabilities to design and rapidly adopt distributed ledgers, digital identity and blockchain solutions. IBM helps clients leverage the global scale, business domain expertise, and deep cloud integration experience required for the application
of these technologies. Learn more at ibm.com/blockchain
Why Banks Must Become Smart Aggregators in the Financial Services Digital Eco...Cognizant
Financial institutions must embrace a partnership-driven approach to remain relevant amid fintech digital disruption, while evolving their capabilities to deliver against tomorrow’s market needs.
Feature Unlocking the Embedded Finance Opportunitysarah673426
Embedded finance means integrating banking products and services into non-banking offerings, with the primary goal of removing friction from the banking consumption experience.
More info: https://www.edgeverve.com/finacle/solutions/cash-management-suite/
Leading the pack in blockchain banking
Trailblazers set the pace.
The IBM Institute for Business Value with the support of the Economist Intelligence Unit surveyed 200 banks in 16 countries on their experience and expectations with blockchains. What differentiates the early adopters and what can we learn from them?
A look inside the top 4 trends driving the FinTech industry today. How technology is impacting financial services and how they can benefit from advanced data analysis. Presented by Peter Huang, Director of Data at Beyondsoft.
From competition to partnerships banks, fin techs, and neobanks _ medicivinaykumar2984
This article from MEDICI talks about banks, FinTechs, and Neobanks going from being competitors to being in partnerships. Read about it all only on MEDICI.
Leveraging Analytics to Combat Digital Fraud in Financial OrganizationsRicardo Ponce
Digitization creates major opportunities for financial services – automating operations, expanding channels, delivering engaging customer experiences. There are corresponding
challenges – unprecedented data and transaction volumes, channel control in electronic marketplaces, and preventing fraud when the fraudsters are technologically adept. To discuss the opportunities, challenges, and solutions around financial fraud in the digital age, IIA spoke with David Stewart, Director, Security Intelligence Practice-Banking at SAS Institute Inc.
Using Adaptive Scrum to Tame Process Reverse Engineering in Data Analytics Pr...Cognizant
Organizations rely on analytics to make intelligent decisions and improve business performance, which sometimes requires reproducing business processes from a legacy application to a digital-native state to reduce the functional, technical and operational debts. Adaptive Scrum can reduce the complexity of the reproduction process iteratively as well as provide transparency in data analytics porojects.
It Takes an Ecosystem: How Technology Companies Deliver Exceptional ExperiencesCognizant
Experience is evolving into a strategy that reaches across technology companies. We offer guidance on the rise of experience and its role in business modernization, with details on how orgnizations can build the ecosystem to support it.
The Work Ahead: Transportation and Logistics Delivering on the Digital-Physic...Cognizant
The T&L industry appears poised to accelerate its long-overdue modernization drive, as the pandemic spurs an increased need for agility and resilience, according to our study.
Enhancing Desirability: Five Considerations for Winning Digital InitiativesCognizant
To be a modern digital business in the post-COVID era, organizations must be fanatical about the experiences they deliver to an increasingly savvy and expectant user community. Getting there requires a mastery of human-design thinking, compelling user interface and interaction design, and a focus on functional and nonfunctional capabilities that drive business differentiation and results.
The Work Ahead in Manufacturing: Fulfilling the Agility MandateCognizant
According to our research, manufacturers are well ahead of other industries in their IoT deployments but need to marshal the investment required to meet today’s intensified demands for business resilience.
The Work Ahead in Higher Education: Repaving the Road for the Employees of To...Cognizant
Higher-ed institutions expect pandemic-driven disruption to continue, especially as hyperconnectivity, analytics and AI drive personalized education models over the lifetime of the learner, according to our recent research.
Engineering the Next-Gen Digital Claims Organisation for Australian General I...Cognizant
In recent years, insurers have invested in technology platforms and process improvements to improve
claims outcomes. Leaders will build on this foundation across the claims landscape, spanning experience,
operations, customer service and the overall supply chain with market-differentiating capabilities to
achieve sustainable results.
Profitability in the Direct-to-Consumer Marketplace: A Playbook for Media and...Cognizant
Amid constant change, industry leaders need an upgraded IT infrastructure capable of adapting to audience expectations while proactively anticipating ever-evolving business requirements.
Green Rush: The Economic Imperative for SustainabilityCognizant
Green business is good business, according to our recent research, whether for companies monetizing tech tools used for sustainability or for those that see the impact of these initiatives on business goals.
Policy Administration Modernization: Four Paths for InsurersCognizant
The pivot to digital is fraught with numerous obstacles but with proper planning and execution, legacy carriers can update their core systems and keep pace with the competition, while proactively addressing customer needs.
The Work Ahead in Utilities: Powering a Sustainable Future with DigitalCognizant
Utilities are starting to adopt digital technologies to eliminate slow processes, elevate customer experience and boost sustainability, according to our recent study.
AI in Media & Entertainment: Starting the Journey to ValueCognizant
Up to now, the global media & entertainment industry (M&E) has been lagging most other sectors in its adoption of artificial intelligence (AI). But our research shows that M&E companies are set to close the gap over the coming three years, as they ramp up their investments in AI and reap rising returns. The first steps? Getting a firm grip on data – the foundation of any successful AI strategy – and balancing technology spend with investments in AI skills.
Operations Workforce Management: A Data-Informed, Digital-First ApproachCognizant
As #WorkFromAnywhere becomes the rule rather than the exception, organizations face an important question: How can they increase their digital quotient to engage and enable a remote operations workforce to work collaboratively to deliver onclient requirements and contractual commitments?
Five Priorities for Quality Engineering When Taking Banking to the CloudCognizant
As banks move to cloud-based banking platforms for lower costs and greater agility, they must seamlessly integrate technologies and workflows while ensuring security, performance and an enhanced user experience. Here are five ways cloud-focused quality assurance helps banks maximize the benefits.
Getting Ahead With AI: How APAC Companies Replicate Success by Remaining FocusedCognizant
Changing market dynamics are propelling Asia-Pacific businesses to take a highly disciplined and focused approach to ensuring that their AI initiatives rapidly scale and quickly generate heightened business impact.
The Work Ahead in Intelligent Automation: Coping with Complexity in a Post-Pa...Cognizant
Intelligent automation continues to be a top driver of the future of work, according to our recent study. To reap the full advantages, businesses need to move from isolated to widespread deployment.
4. Cognizanti • 10
Non-traditional rivals and
heightened global regulation
are converging to create new
digital opportunities for the
banking establishment. To
seize the high ground, banks
need to think like disruptors
and apply modern digital tools,
techniques and partnership
strategies to keep pace with
accelerating change.
More than a few bankers may have flinched
when the news broke in late July of Amazon’s
market capitalization surpassing Walmart’s for
the first time.1
Walmart’s revenues continue to
dwarf Amazon’s by a factor of five. But the fact
that investors now value Amazon higher than
the world’s largest retailer reflects a belief that
the online upstart’s formidable digital business
acumen offers greater growth opportunity.
Can you imagine a time when investors
believe the same about banking industry
disruptors, such as Lending Club, PennyMac
and Prosper, vis-a-vis Bank of America, Chase
and Citi? Far-fetched, perhaps. But Walmart
leaders surely sensed the tilting of the playing
field in 1998 when the retail giant pursued
a lawsuit (ultimately settled) alleging that
Amazon had stolen trade secrets.
Banks recognize the need to engage disruptive
competitors, of course, and many are
developing digital, mobile and other strategies
to do so. But heavy compliance requirements,
rising cybersecurity risks and anemic revenue
growth are among the constraining realities at
a time when nimble competitors are targeting
banks’ high-margin businesses with innovative
customer experience models.
What are banks to do in the face of these
threats to their profitability and prospects?
The Only Constant
Is Change
Even banks in the vanguard feel outgunned
by the speed and breadth of upheaval. Today,
non-banks hold two out of five loans across
key lending segments, as well as a similar (and
record-making) share of mortgage originations.
Non-bank mortgage servicers have tripled their
market share in the past three years.2
Disruptors such as those mentioned above
are storming traditional bank strongholds,
including personal and small business lending,
wealth management, mortgage banking,
commercial real estate and student loans.
Unconstrained by regulatory strictures that
banks face domestically and internationally,
the upstarts are pursuing opportunities in
crowdfunding, peer-to-peer (P2P) lending,
robo-adviser investment services and payment
network disintermediation, among others.3
Some disruptors will be flashes in the pan.
Others, we believe, will gain critical mass
and truly threaten meaningful chunks of
the banking and financial services industry,
a risk validated across European countries
and geographies. Regardless of who emerges,
the forces of disruption introduce looming
challenge for banks in the immediate future,
especially when considered in the context of
the current regulatory environment. Yet on
a somewhat longer time horizon, these two
factors – disruptive competitors and increasing
regulations – may well converge in ways that
create new opportunities for banks.
Disrupt or Be Disrupted
By Prasad Chintamaneni
Commentary
5. 11
Seizing Opportunity
The disruptors’ move into banking markets
to date has consisted of an array of guerilla
actions rather than a frontal assault. Eventu-
ally, though, these incursions could reach a
critical mass that exposes them to regulators’
crosshairs.
At that point, disruptors will discover that
banking is not a simple business. Institu-
tions need a strong balance sheet and the
know-how and resources to operate within a
regulatory compliance and custodial framework
designed to protect the money and wealth of
consumers, as well as the well-being of the
economy, backed by a federal government.
When it comes to entrusting one’s life savings
to an institution, banks cannot be supplanted
as rapidly as Netflix replaced Blockbuster.
The larger the share of loans that P2P lending
platforms capture, for example, the more likely
that regulators will descend.
Whether and how regulators disrupt the dis-
ruptors, banks can take steps now to capitalize
on inevitable changes in the landscape.
First, realize and acknowledge that disruption
is real. It may not be a direct threat to
everything your bank does, but it can
certainly eat away at higher-margin business.
Next, even if you can’t do exactly what the
disruptors are doing, start incorporating
some of their concepts into your business
model and service offerings. Further, explore
whether to compete head-on with disruptors
to protect high-margin business or find ways
to work with them. Bankers have become
familiar faces in Silicon Valley and other tech
centers, exploring investment and partnering
opportunities. Some are creating their own
startup-like cultures within key business
units, such as the recent inauguration of
Wells Fargo’s digital lab.4
Banks have plenty to offer the disruptors, too.
They can build value clusters based on their
core platforms, exposing APIs and offering
resources to help upstarts scale their offerings.
Leveraging their strengths, banks can protect
their client base while providing an ecosystem
for innovators, and take a cut in the process.
Finally, as disruptors face the specter of greater
government oversight and enforcement, banks
can become their saviors. For example, the
New York Department of Financial Services
is imposing a policy requiring digital currency
companies to obtain a license to transmit
money on behalf of customers.5
Bankers have long traveled the regulatory road,
building compliance systems, engaging with
the authorities, and continually adapting to
new edicts and expectations. Disruptors that
feel at home in an innovation lab might be far
less comfortable navigating the Securities and
Exchange Commission, Office of the Comp-
troller of the Currency, Federal Financial Insti-
tutions Examination Council and the halls of
Congress, and would welcome some help.
Banks recognize that they face unprecedented
perils today and need to act. By keeping pace
with innovation, accepting inevitable change
and capitalizing on their inherent and hard-
earned strengths, they have a fighting chance
to stay in the game.
Even if you can’t do exactly what the
disruptors are doing, start incorporating
some of their concepts into your business
model and service offerings.
6. Cognizanti • 12
Footnotes
1
Jacob Pramuk, “Amazon Shares Surge 20 Percent, Market Cap Surpasses Walmart,”
CNBC, July 24, 2015, http://www.cnbc.com/2015/07/24/amazon-shares-surge-20-percent-
market-cap-surpasses-wal-mart.html.
2
Ryan Nash and Eric Beardsley, “The Future of Finance, Part 1: The Rise of the New Shadow
Bank,” Goldman Sachs Global Investment Research, March 3, 2015, http://www.betandbet-
ter.com/photos_forum/1425585417.pdf?PHPSESSID=7406416a94128a8eca87ec315399c75c.
3
“Marketplace Lending: A Maturing Market Means New Partner Models, Business Opportuni-
ties,” Cognizant Technology Solutions, July 2014, http://www.cognizant.com/InsightsWhite-
papers/Marketplace-Lending-A-Maturing-Market-Means-New-Partner-Models-Business-
Opportunities-codex989.pdf.
4
“Inside Wells Fargo’s Digital Innovation Lab,” American Banker, Oct. 23, 2014, http://www.
americanbanker.com/issues/179_205/inside-wells-fargos-digital-innovation-lab-1070800-1.
html.
5
Daniel Roberts, “There’s Big Pressure on New York’s Bitcoin Regulation Plan,” Fortune, April 23,
2015, http://fortune.com/2015/04/23/theres-big-pressure-on-new-yorks-bitcoin-regulation-plan/.
Author
Prasad Chintamaneni is President of Banking and Financial Services, leading Cognizant’s largest industry
business unit globally. As global lead since 2011, Prasad is responsible for the business unit’s global P&L,
including sales, business development, consulting, client relationship management and delivery. During his
tenure as global lead, Cognizant’s Banking and Financial Services business has grown manyfold to become
one of the largest providers of services to the banking and financial services industry, earning Cognizant fourth
place on the 2015 FinTech 100.
Prasad joined Cognizant in 1999 and established key relationships with many of Cognizant’s largest banking
and financial services clients, while leading Cognizant’s U.S. Eastern Region Banking and Financial Services
Practice through 2006. Prior to joining Cognizant, he spent seven years in investment banking and financial
services, including the last five years with Merrill Lynch as an investment banker and as a member of Merrill’s
business strategy committee in India. Prasad serves on the Board of Directors of NPower, a nonprofit that
assists schools, nonprofits and individuals to build technology skills by harnessing the power of the technology
community. He earned his postgraduate diploma in business management from XLRI School of Management
in India, following his bachelor of technology degree in chemical engineering from the Indian Institute of
Technology, Kanpur, India. He can be reached at cprasad@cognizant.com.
7. About Cognizant
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 satisfac-
tion, technology innovation, deep industry and business process expertise, and a
global, collaborative workforce that embodies the future of work.
To learn more about Cognizant, please visit: www.cognizant.com.
U.S. Headquarters:
211 Quality Circle
College Station, TX 77845
Tel: +1 979 691 7700
Fax: +1 979 691 7750
Toll Free: +1 855 789 4268
Email: inquiry@cognizant.com
India Operations Headquarters:
#5/535, Old Mahabalipuram Road
Okkiyam Pettai, Thoraipakkam
Chennai 600 096 India
Phone: +91 (0) 44 4209 6000
Fax: +91 (0) 44 4209 6060
Email: inquiryindia@cognizant.com
China Operations Headquarters:
Cognizant Technology Solutiions
(Shanghai) Co.
Zhangjiang Hi-tech Park
Building No. 5, No.
3000 Longdong Avenue
Shanghai, Pudong China 201 203
Phone: +86 21 6100 6466
Fax: +86 21 6100 6457
Email: inquirychina@cognizant.com
World Headquarters:
500 Frank W. Burr Blvd.
Teaneck, NJ 07666 USA
Phone: +1 201 801 0233
Fax: +1 201 801 0243
Toll free: +1 888 937 3277
Email: inquiry@cognizant.com
European Headquarters:
1 Kingdom Street
Paddington Central
London W2 6BD
Phone: +44 (0) 20 7297 7600
Fax: +44 (0) 20 7121 0102
Email: infouk@cognizant.com
Philippines Headquarters:
Cognizant Technology Solutions
Philippines, Inc.
5th & 6th Floor,
8/10 Upper McKinley Road Building
10 Upper McKinley Rd.
McKinley Hill, Fort Bonifacio
Taguig City 1634 Metro Manila
Philippines
Phone: + 63-2-976-2270
Email: inquiry@cognizant.com
Global Delivery Centers:
Budapest (Hungary), Buenos Aires (Argentina), Guadalajara (Mexico), London (UK),
Manila (Philippines), Shanghai (China), Toronto (Canada); Chennai, Coimbatore,
Kolkata, Bangalore, Hyderabad, Pune, Mumbai, New Delhi, Cochin (India);
Bentonville, AR; Boston; Bridgewater, NJ; Des Moines, IA; Minot., ND; Phoenix, AZ;
Tampa, FL (U.S.).
Regional Offices:
Atlanta, Boston, Chicago, Dallas, Los Angeles, Norwalk, Phoenix, San Ramon, Teaneck
(U.S.); London (Canada); London (UK); Frankfurt (Germany); Paris (France); Madrid
(Spain); Helsinki (Finland); Copenhagen (Denmark); Zurich, Geneva (Switzerland);
Amsterdam (The Netherlands); Hong Kong, Shanghai (China); Tokyo (Japan);
Melbourne, Sydney (Australia); Singapore (Singapore); Bangkok (Thailand); Kuala
Lumpur (Malaysia); Buenos Aires (Argentina); Dubai (UAE); Manila (Philippines).