Press Release

Proven solution enables financial institutions to streamline their on-boarding processes and enhance customer experience

Stockholm – (March 31, 2015) - Virtusa Corporation (NASDAQ GS: VRTU), a global business consulting and IT outsourcing company that combines innovation, technology leadership and industry solutions to transform the customer experience, announced today that the company is strengthening its Swedish service offerings by bringing its comprehensive client life cycle management (including client on-boarding) solution for financial institutions to the Swedish market. The end-to-end solution extends from new client requests to account setup and creation; key regulatory requirements of US and Europe are also covered in the solution. The benefits for institutions include lower costs, faster on-boarding, increased customer satisfaction and better client penetration. The announcement follows last year’s acquisition of the Sweden based financial services consultancy, TradeTech Consulting Scandinavia AB, renamed Virtusa AB.

“The recent market events in the banking industry have put a strong focus on client on-boarding and client lifecycle management (CLM),” said Senthil Radhakrishnan, vice president, Capital Markets Solutions, Virtusa. “On one side, top banks have been hit by regulatory fines for improper procedures, and on the other hand there is big pressure to reduce costs while maintaining high client satisfaction levels. Digital transformation initiatives have given avenues for cross selling and up-selling. Little wonder many banks are revamping their CLM processes.”

“The constantly changing regulations and customer requirements make it crucial for financial institutions in Sweden to master the client on-boarding process,” said Joakim Wiener, managing director, Virtusa AB. “Those who do not succeed here will suffer from spending too much time and money on inefficient processes that may not even be relevant. At the same time, they are risking customer loyalty by not providing a good enough customer experience.”

The on-boarding solution includes a consultancy toolkit, pre-defined use cases and proof-of-concepts on multiple Business Process Management (BPM) technologies.

“Using our industry expertise and leveraging our CLM accelerators, at Virtusa we try to ensure that banks have a CLM system that meets their business goals without over-engineering the problem or spending unwisely,” added Senthil Radhakrishnan.

Some of the differentiators that Swedish financial institutions will be able to enjoy through the solution, include:

Consulting Expertise

• Consultants with hands-on experience in on-boarding and client life cycle management within financial services
• Assessment framework to review existing on-boarding and life cycle management processes and propose a best-fit model and roadmap to meet business needs
• Significant industry experience; including implementation of the solution at two of the top five UK banks, in addition to leading German, Canadian and French banks
• Framework/ Proof of Concept (PoC) to demonstrate capability
• Experience in on-boarding and post on-boarding client management processes, such as limit increase, client reporting and new service requests
• Remediation and data analytics for periodic evaluation of client risk, compliance and new opportunities

Strategic product partnerships

• With BPM and Data/Business Intelligence product vendors
• Product vendors specialised in client/entity data de-duplication and cleanup
• KYC/AML hosted solution and operational services

Graphical KPI dashboard

• Key Performance Indicators in a dashboard format to drive performance measurement and tracking
• Real time point system bringing transparency and promoting collaboration at the operator level

”We will help Swedish financial institutions, just like we have done abroad, to identify the weak links in their delivery and customer focus, determine the causes and leverage the resources or data required to reduce or eliminate those weaknesses. We do this with proven solutions which are a combination of technology and thoughtful analysis of the customer needs, as well as compliance requirements,” concluded Joakim Wiener.

To learn more about Virtusa’s Client Life Cycle solution, please visit: https://www.virtusa.com/industries/banking-and-financial-services/industry-solutions/customer-on-boarding/

To identify the optimal Client Life Cycle Management platform for your organisation, download our whitepaper.