Flourish in a Changing Corporate Banking Climate by Adopting Innovative Technology Solutions

Virtusa / Banking & Financial Services / Corporate Banking

Global regulatory changes, digitization, competitive pressure, and sluggish global economy growth are driving significant changes for corporate banks. Marginal pressures due to compressing fees from cash management, payments, and corporate lending are leading to an increased focus on cost simplification and efficiency.

The Future of Digital Banking

Increased regulations continue to create demand for customer onboarding efficiency, streamlined know-your-customer (KYC) and payments screening, and real-time interactions between banks and corporations. As a result, there is a wide adoption of API banking technologies in corporate banking.

Corporate banks need to adopt innovative technology-based solutions not just to survive but also to thrive in this new climate.

As the competition continues to snowball with nimble fintechs entering the market, our inclusive digital transformation strategy helps banks to disrupt traditional business models and accelerate growth.

Through intricate planning of activities, resources, capabilities, and business operations followed by a constructive goal setting to achieve objectives, we help companies lead the digital transformation game.

Through progressive steps, we help clients move to a collaborative framework with partners and embrace a fail-fast culture to stay ahead of the curve.

Corporate Banking Digital Solutions

Open Banking and APIs

Launch differentiated offerings that enhance your corporate banking customer experience

Open Banking and APIs

With the evolving regulatory landscape, ever-increasing customer expectations, and hyper-competitive environment, financial institutions (FIs) are exploring innovative ways to improve revenue streams and reduce costs. Open Banking and APIs are emerging as one of the cutting-edge initiatives that are helping FIs quickly launch differentiated offerings leading to an enhanced customer experience. Virtusa offers end-to-end corporate banking technology solutions, and has a host of adaptors that connect APIs to core banking systems, blockchain rails, and banking specific messaging systems.

What you’ll get:

  1. A curated list of APIs from over 50 innovative FinTech companies.
  2.  Credibility vetted by the Banking Industry Architecture Network (BIAN) as an industry consultant for BIAN compliant APIs.
  3. Strategic partnerships with firms such as Akana, Apigee, CA Technologies, IBM API Connect, MuleSoft, and Open Bank Project.

Virtusa is building a payments services platform to help a large Nordic bank retain client relationships in the post PSD2 world.

Robotics Process Automation

Cut costs by driving efficiencies across business workflows

Robotics Process Automation

With increasing operational complexity and regulatory compliance requirements, financial institutions (FIs) are exploring innovative ways to reduce costs, eliminate errors, and build efficiency. Robotic Process Automation (RPA) can reduce manual efforts by 65 percent, transaction TAT by 70 percent, and bring intelligence to your business. Virtusa’s Robotic Process Automation (RPA) solution leverages machine learning and workflow integration to achieve cost savings and increased operational efficiency.

What you’ll get:

  1. Pre-built accelerators for trade finance, KYC (Know Your Customer), onboarding, and payments and sanction screening automation.
  2. Cognitive and non-cognitive process classification driven approach.
  3. Strategic partnerships with industry-leading tools and solution accelerators such as  Blue Prism, Openspan, WorkFusion, UiPath, and Automation Anywhere.

Virtusa automated the imports payment processes from scrutiny to discrepancies to payment of import bills for a leading North American bank.

NextGen Smart Corporate Portal

Drive efficiency across your corporate banking value chain

NextGen Smart Corporate Portal

With increasing globalization and complexity of doing business, it is imperative for corporate banks to deliver leading edge capabilities that help drive revenue, reduce cost while at the same time increase client satisfaction. Virtusa’s Smart Portal solution helps make your supply chain, cash management, and financing functions more efficient.  The solution provides seamless integration through APIs, omnichannel entitlements and security, intelligent data power analytics, and streamlined onboarding to enable better decision making and recommending the next best offer.

As a case in point, Virtusa has built one of the world’s largest corporate banking portals that was rolled out in over 120 countries and handles $6 trillion transactions/month.

 

Blockchain

Drive innovation and process improvements with blockchain

Blockchain

The challenge facing most banks today is to identify and leverage new technologies not only to re-engineer existing processes but also to create new business opportunities. Blockchain is a disruptive technology as it enables new business models and operational approaches that could not be achieved before. Virtusa helps banks explore blockchain initiatives to automate the tracking of cross-border payments, clearings, and settlements. With our use-case repository, we help you evaluate best-fit solutions in our sandbox environment for processes such as post trade, trade finance, and remittance.

What you’ll get:

  1. Investment in a Blockchain Exploration Center (BEC) that leverages a sandbox and lab environment to develop bleeding edge solutions.
  2. Repository of over 100 banking use cases that have been developed based upon our research and active collaboration with FinTechs.
  3. Partnerships with leading blockchain providers including Ethereum, Chain, Ripple, and Quorum.

Virtusa has helped a leading Australian bank to reimagine their asset finance business using blockchain, machine learning, and IoT.

Client Lifecycle Management

Shift focus from tactical growth to total lifetime value of the customer

Client Lifecycle Management

With increasing competition and ever-rising customer expectations, it is important for banks and financial institutions to focus on the total lifetime value of a customer rather than siloed opportunities for growth. Effective customer lifecycle management (CLM) can dramatically accelerate revenue growth while at the same time ensure compliance with complex global and local regulations. Virtusa’s CLM solution can help you onboard new clients, add products for existing customers, or service clients and account maintenance requests, providing the transformation you need to remove customer friction and maximize efficiency.

Intelligent Document Automation

Efficient document management and processing through automation

Intelligent Document Automation

Major trade finance operations still largely require manual  intervention with timelines ranging from a few days to weeks.
Whether it is document issuance, verification, or letter of credit (LC) settlement life cycles, processes continue to struggle
due to the limitations of human effort. Manually steered  workflows risk consequences of human error. They require high FTE involvement focused on non-billable processes, driving up infrastructure costs. Needless to say, paper wastage and decentralized data silos emerge, fracturing business processes and fostering disorganization.

By automating paper-based processes with intelligent optical character recognition (OCR), Intelligent Document Automation provides tangible benefits with regards to time, effort, and accuracy. Such digital transformations in trade finance are expected to deliver cost savings up to an estimated USD $2.5 to 6 billion over the next 3 to 5 years.

What you’ll get:

  1. Efficient handling of new claimant documents and advisory letters
  2. Recognition of unstructured data
  3. Streamlined regulatory reporting

Virtusa helped a leading Australian bank automate their import payment bills and financing module within the trade finance function.

Smart Covenant Management

Increased transparency and seamlessness at all points of the loan transaction process

Smart Covenant Management

Loans are integral to the functioning of banks, and covenants are crucial for minimizing risk to both the bank and the borrower. Covenants require substantial time and effort for formulation and their inherent complexities make managing them effectively a cumbersome task.

The current lending process is complicated and adds both costs and delays in originating loans.

What you’ll get:

  1. Utilization of  artificial intelligence (AI), machine learning (ML) to address transactional complexities and inefficiencies
  2. Continuous monitoring of covenants using blockchain technology

 

 

Product Recommendation Engine

Leverage AI-enabled tool to boost customer retention and increase revenue

Product Recommendation Engine

According to a Forbes’ survey, 70% of buying decisions are influenced by the quality of customer experience (CX). However, 20% of customer relationship managers (CRMs) admit to not knowing their clients well enough and spend only 38% of their time on client-facing activities, with most of their time devoted to administrative tasks.

For those in the BFSI industry, this is an extremely costly trade off. BFSI end-clients are increasingly demanding, seeking more information about the performance of their assets, financial health, integrity, and risk analysis. To address this problem, the BFSI industry has made customer experience and personalized service a key business priority. However, they face some key challenges, such as
• Absence of a 360-degree view of client portfolio to drive analytics
• Obsolescent recommendation engines that do not take into account the dynamic nature of the end-client business
• A small number of high value clients that consume most of CRMs time, leaving Tier 2 and Tier 3 clients under-serviced
and unsatisfied
• Limited insights on the needs of the Tier 2 and Tier 3 clients due to lack of time
• Limited machine learning and artificial intelligence insights to help CRMs recommend products matching with Tier 2 and 3 client needs, based on their online banking interactions

What you’ll get:

Virtusa’s Product Recommendation Engine is an AI/ML powered tool designed to predict a customers’ likelihood of acquiring a product by matching a company’s offerings with the customers’ online banking interactions. This unique solution offers businesses a 360 degree view of their customer’s portfolio and recommends the most relevant product for them without any CRM intervention. The result: CRMs focus their time on underserved high value customers for greater returns on effort.

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