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If the need for banking and financial institutions to embark on their digital transformation journeys was a business priority before COVID-19, this necessity has ascended to entirely new levels over the past year and a half. Now, as we near the end of the pandemic, growing numbers of businesses are looking to incorporate innovative digital financial services that allow them to be more agile and enrich customer experience.
Just consider these figures:
While these figures make it clear that businesses see the need to evolve, many still need to act: According to BDO, 40% have a digital transformation strategy but have not implemented it yet. When these businesses do move forward there will be challenges to overcome.
Specifically, many will struggle with innovative tools that operate in silos, making it difficult to measure and quantify real outcomes. If that wasn’t enough, they also face challenges that threaten the very existence of the industry. These include:
Financial institutions require a partner capable of helping them successfully navigate this new territory. Virtusa’s Digital Product Workbench (DPW) on Amazon Web Services (AWS) enables financial organizations to rapidly launch financial products using pluggable BaaS propositions and embed ready-to-use customer journeys in payments, lending, and deposits.
Financial Institutions on DPW can drive significant revenue growth through third-party vendor partnerships in terms of valuable fees and deposits with managed risk and compliance.
DPW enables organizations to rapidly develop pluggable customer journeys for faster time-to-market. BaaS propositions like buy now pay later, digital wallets, credit score modeling, small ticket/SME lending, and issue card can be created quickly to enable financial institutions to become agile and nimble.
DPW guides financial institutions to deliver custom user journeys from the ideation phase to the finished solution by leveraging the following elements:
Virtusa’s DPW allows organizations to easily develop and browse through a catalogue of pluggable user journeys that can be quickly integrated into production. It also allows users to browse a list of problem statements posted by partners in the ecosystem, discover third-party APIs and explore detailed documentation and “Try-Outs.”
Once a service has been selected, DPW brings together various components to assemble innovative banking services which can be brought to market 80% more quickly. As a result, businesses can enhance customer experience and drive business growth.
EVP & Head of Digital & Cloud Transformation - EMEA
Senthil Kumar is the Executive Vice President & Head of Digital & Cloud Transformation – EMEA at Virtusa. He is a customer-focused Technology Leader with a proven track record of creating & delivering several award-winning Digital propositions and brings more than 20 years of experience. He has a proven track record of identifying emerging technologies [APIs, AIML, Blockchain] that have the potential to go mainstream and build/inspire assets that provide differentiation for the organization. He is very passionate about building and inspiring high-performing teams that get things done and strongly believes that ideas are easy, and winning is all about Execution at Speed.
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