Retail Banking

Retail banks are increasingly adopting a digital banking approach to support multiple delivery channels across different banking activities. Virtusa is helping banks rationalizing their technology to reduce costs and adapt to evolving business requirements. Customer experience is becoming a significant influence on banks’ strategies as context-aware computing – whereby situational and environmental information is gathered to anticipate user needs and present relevant information – is creating new user experiences.
Retail Banking Industry is witnessing six major trends:
  • Convergence of channels
  • Branch Transformation
  • Digital Marketing
  • Operational Excellence
  • Data Analytics
  • Compliance

A full suite of services

Virtusa offers a wide range of products, services and solutions, calling on our 25 years’ experience within the retail banking sector.

Digital banking

Retail banks are increasingly adopting a digital banking approach to support multiple delivery channels across different banking activities. Our digital banking services provide a high quality user experience across different interaction points and multiple channels.
  • Cross-channel integration: Providing a seamless cross-channel experience
  • Multi-channel customer on-boarding and account opening: Seamless integration and total process control via a digitized framework
  • Customer experience engineering: Industrialized consumer lifecycle management framework
  • Channels assessment and optimization: Validating existing capabilities and limitations and supporting the transition of transactions to intelligent ATMs and other digital channels

Process consulting and transformation

Banks are undertaking digital transformation projects and rationalizing their technology to meet changing business requirements. Our consulting and transformation services are designed to support you in this process, bringing you the resources you need to succeed in today’s demanding environment.
  • Operating model re-design: Creating a zero-based, fully digitized, operating model to enable straight-through processing
  • Lean operations and technology transformation: Optimization of people, processes and systems using Design & Build Lean Operations (DBLO) methodology
  • Re-engineering for modernization: Re-engineering systems to modernize and achieve greater reliability, flexibility and scalability
  • Knowledge extraction and wiring: Classifying, storing and organizing process information to translate business knowledge to technology

Core banking and lending

Our team of retail banking specialists has an outstanding track record in supporting core banking systems across a range of technology platforms. A combination of domain knowledge and technology expertise means we are well placed to support your legacy modernization, application consolidation and data migration projects. Virtusa team has been involved on End 2 End services for leading core banking products such as Finacle, FlexCube, Intellect, Temenos, Bancs and Systematics.
  • Product implementation: Third party vendor package solutions
  • Development and maintenance: Ground-up development, integration and support
  • Migration: Standard tools to enable a structure migration as well as post-migration support and validation
  • Production support: Achieving operational efficiencies
  • Smart legacy modernization: Supporting transition from legacy products to service-oriented architecture solutions
  • Global rollouts: Replacing disparate systems with a unified technology platform
Virtusa, with three decades of experience in Banking & Financial Services (BFS) industry and IT solutions has developed expertise that is earned through successful delivery of cutting edge solutions to more than 150 leading financial institutions across the globe. Foundational framework for simplification of retail banking domain is depicted in the figure 1 below.

Figure1: Virtusa brings depth of experience across Value Chain

Retail Banking Solutions:

Virtusa provides innovative solutions accelerators to improve the time to market and reduce the total cost of ownership (TCO) for our customers. Our solutions are Digital Banking, Smart Lending, Branch Transformation, Call/Service Center Optimization, Digital Marketing, Client Lifecycle Management to help clients accelerate time-to-market as depicted in figure 2 below.
Figure2: Virtusa Solutions to help Clients Accelerate Time-to-Market

Our Differentiators:

  • Design led thinking delivering superior customer experience
  • Transform business using unique platforming approach and solution accelerators
  • Strong retail banking industry focus with 25+ years of serving global banks
  • A deep understanding of the lifecycle of money and the role of technology as a value creator
  • Authority in financial practices of over 80 countries
  • Relationship focus 75% repeat business

Value Stories:

Core System Implementation & Support for Leading Global Bank

  • Enhanced and re-defined the bank's IT landscape for future growth and scalability
  • Re-engineered current business processes to help define cost effective and efficient operating model
  • Supported smooth change management process for bank employees

End to End Mobile Banking Solution for Tier1 Bank

  • An integrated solution to deposit cheques & conduct online banking
  • Real-time account and transaction information lead to increased customer delight
  • Reduced customer service cost through time-sensitive auto-alerts
  • Created a competitive offering to attract younger target audience

Multi-product & Multi-Channel Loan Origination System for an Indian Bank

  • Multiple payment facilities for Mortgage Lending products
  • Interface with CIBIL for submission and enquiry of Customer information
  • Compliance & Regulatory enhancements covering entire SDLC life cycle
  • Production support for entire lending system

Robotic Process Automation in Account Opening Processes for Leading Bank

  • Dramatic cost-savings
  • Reduced process cycle times
  • Better quality
  • Improved audit and compliance analytics
  • The ability to move operations up the value chain