The growing momentum towards open banking models has compelled banks globally to undergo business transformation and expand their service provision to offer broader choices to their consumers, and business customers. The advent of APIs has paved the way for new banking relationships, a new framework and ecosystem, and new products.
While brick and mortar outlets are giving way to digital services globally, a large proportion of organizations are transforming rather than ditching their branch proposition. A recent survey by Finextra, in association with Virtusa, revealed that while 36% of Financial Institutions (FIs) are decreasing their branch network, an equal number are revolutionizing their branches. What transformation strategy are they undertaking?
While the significance of mobile channels in financial services is increasing rapidly, banks are divided in their strategy around these channels. The same survey showed that 51% of FIs are leveraging existing internet channels to expand, 49% are migrating existing customers to a new, dedicated infrastructure.
Payments are at the epicentre of banking, and banks are exploring numerous options to increase their payment methods and choices right from using blockchain for cross border payments to deploying AI and ML to execute compliance checks at speed. The convergence of instant payments and open banking, particularly in retail, where card disintermediation is gaining traction, indicates that financial organizations, both large and small, need to rise to the occasion to compete.
Watch the replay of this webinar by Finextra and Virtusa to learn from experts as they discuss:
Accelerate your ability to enable powerful, personalized customer experiences
Virtusa’s fault injection services leverage significant experience in complex systems and a variety of tools to inject failure hypothesis and experiments to unearth potential issues.
Built on the open stack/commercial-off-the-shelf, Virtusa’s Smart Digital Banking solution offers a set of pre-configured digital banking accelerators that enables banks to rapidly create an immersive digital banking experience.
Virtusa can help you setup a scalable, cost-efficient, and reliable hybrid data platform. Whether you are currently using an MPP database (Teradata/Netezza/Exadata/Greenplum) or an RDBMS (Oracle, SQL Server, DB2), we can quickly and efficiently migrate your data to cloud-native platforms on Cloud (AWS, Azure, GCP) using our proprietary accelerators.
Virtusa’s Digital Product Workbench is an integrated platform that helps accelerate time to market by enabling rapid product development while reducing costs.
Virtusa's unique Intelligent Self-Service offering doesn't just add channels to the customer journey, it provides omnichannel strategies that start from the inside out.
A leading global bank was in the need of a scalable, secured, and proactive strategy to address the rising number of false positives in screening payments and also reduce operational expenses. Virtusa automated the sanction screening workflow using artificial intelligence and helped the bank gain over 98% accuracy in sanction screening.
A leading North American commercial lender needed an automated and integrated solution to accelerate the loan management process and improve experience for borrowers. Virtusa implemented a holistic AI solution to help the client seamlessly migrate its lending operations to cloud and increase the loan processing rate by 30%.
A leading bank wanted a cost-effective strategy to augment customer service, reduce operational expense of maintaining the contact centre, and enable customized services to customers. Virtusa implemented intelligent automation to transform the contact center resulting over $600mn savings.
Virtusa's vCollect solution is an AI and data-driven customer collection experience that helps collections service personnel provide a complete contact and treatment strategy.
Virtusa's Credit Decisioning solution helps banks reduce their reliance on external agencies for credit decisioning information by empowering them to use their own data to create internally developed risk score cards and dynamic lending models to predict delinquency, bankruptcy, and receivable collections without the need for an external agency.
Smart technologies are only smart if their insight and interaction make the right connections. Organizations capturing the benefits of AI and robotics are transforming work processes as humans and machines collaborate more closely.
Virtusa delivered a first-of-its-kind credit scoring model built on Pega Customer Decision Hub (CDH) for a leading Australian Bank.
Virtusa offers solutions that help financial institutions boost their ability to support clients. Our solutions leverage our digital engineering capabilities and domain focus in banking and financial services to quickly help your bank scale and deliver with compromising on quality.
Open Banking is turning into a global trend. Changing customer preferences, accelerated tech innovation and a growing digital landscape, regulatory interventions build a disruptive potential to drive truly revolutionary change.