Get Personal with Your Customers

Thanks to digital banking, retail banks now have the ability to conduct business with their customers around the clock. Since digital banking is now the new norm, banks are looking for new ways to differentiate and compete. The number one way retail banks can accomplish this is by innovating and removing friction from the customer journey. To do this, banks need to adopt a variety of technologies that allow them to adjust their business models and target their customers on an individual level. This means adopting more advanced big data and analytics solutions, improving multi-channel delivery, and using open APIs to become more than just transaction processors. With the right level of innovation, retail banks have the opportunity to provide a variety of new products and services to their customers through personalized digital interactions.

Key Solutions

Digital Banking

Build the digital bank of the future

Digital Banking

In this era of hyper-competition, financial institutions are struggling to stay relevant and deliver a superior experience to their customers at significantly lower costs. Digital transformation has emerged as a strategic imperative that can enable operational excellence and business innovation for significant business growth. While most banks have embarked on the digital journey over the last decade, they have still not been able to eradicate all the silos to give customers the true delight of the digital experience they desire. The majority of customers now prefer digital channels, but banks must do more than just replicate online what they offer in branch. They should use digital capabilities to offer new kinds of services. Our strong digital engineering capabilities, cutting-edge accelerators, and mature frameworks enable banks to define their digital transformation roadmap with specific outcomes during the journey.

What you’ll get

  • BankConnect: a solution that helps accelerate the building of omnichannel banking
  • MyBank: an innovative platform that enables next-generation mobile banking
  • Over 58 customer journeys and 200+ APIs used to accelerate the launch of digital programs
  • Strategic partnerships with Backbase (digital banking solutions), Adobe (end-to-end digital solutions), and Daon and Validsoft (biometrics).

We have successfully delivered a next-generation mobile banking solution for a tier I US Bank that supports an active user base of over 16 million people.

Smart Lending

Re-imagine lending in the digital world

Smart Lending

Growing demand for a better customer experience, the reduction in turn-around-time for loan processing, and the rise of alternative lending companies (FinTechs) are forcing banks to rethink their lending business. While lending is a critical component of retail banking, it is also the most under digitalized business in a banks’ digital journey. Our SMART lending framework helps banks rapidly apprehend the gaps and address them with state-of-the-art solutions. These solutions cover the entire lifecycle of the lending journey and help create a paperless environment that supports automated decision-making straight through processing. Our tailor-made services help customers execute complex business strategies with enhanced customer self-service capabilities.

What you’ll get

  • Mature frameworks that align with the demands of banks across the value chain including customer onboarding, automated underwriting, analytics-based risk decision making, content management simplification, and web services integration and extendable API’s for smooth operation between dependent systems
  • MyBank – A next-generation mobile-based loan origination solution that has ready-made process maps and user journeys
  • Strategic partnerships with embedded collaboration platforms, AI-based service providers, conformance with industry standards, and acknowledgment by BIAN for our solution architecture

We worked with a universal bank to reduce the turnaround time for loan booking by 40% and loan processing by 50%.

Core Banking Platform Life Cycle Offerings

Transform the core to enable digital success

Core Banking Platform Life Cycle Offerings

Banks today are facing unprecedented pressure due to the widespread technology disruption, ever-increasing customer demands, and the imposition of new mechanisms by regulatory bodies and central banks. In this environment, it is imperative for banks to modernize their core banking systems to support the bank with its vision and growth.  Our solutions enable banks to transform core banking, which helps banks modernize their legacy systems, and implement a core banking ADMS model, which stabilizes systems and supports the incremental needs of regulators and lines of business.

What you’ll get

  • Time-tested proprietary legacy modernization frameworks that include componentization, batch optimization, integration factory models, data migration, and COTS product testing
  • Strength in performance testing capabilities with quick turn-around times using 500 documented core banking L3 process flows, an extensive repository of 8,000+ reusable test scenarios, and 50,000+ test cases across different banking products and modules
  • Partnerships & relationship with industry leaders in core banking products and standards such as Oracle, Finacle, and BIAN membership

We built a branch point-of-sales solution on the existing core banking platform that resulted in 66% cost savings for a leading European Bank.

Smart Automation

Increase operational efficiency

Smart Automation

Financial Institutions are working toward delivering a frictionless straight through processing experience to end customers. Our SMART automation solutions enable financial institutions to rapidly transform their operations by leveraging robotic process automation (RPA), machine learning (ML), and workflow integration to achieve cost savings and increased operational efficiency. There is significant automation potential in the consumer banking domain through the proper application of OCR, desktop automation, artificial intelligence, and process digitization.

What you’ll get

  • Ability to minimize manual touch points during loan disbursement, collections, and closure using OCR/HCR, robotics, and a machine learning
  • Automation of the entire loan value chain from origination to servicing to closure
  • Robotic process automation streamlines customer information entry and accelerates the application submission and review cycle.

Our automation initiative across the retail banking value chain enabled ~20% cost reduction for a leading Middle East bank.

Branch Transformation

Deliver the branch of the future

Branch Transformation

With the widespread usage of online and mobile media, customer expectations from bank branches are undergoing significant change. This trend is even more apparent for millennial customers whose preference for digital channels is well known. Today, there is increasing scrutiny on branch costs and the different ways they can deliver more value. Our branch operations optimization framework helps streamline and digitize various activities and enable end customers to pre-stage their transactions, book appointments, receive personalized treatment during the branch visit, which allows the bank to measure customer satisfaction. These solutions also help free up time for branch executives who can then focus on more value-added work such as customer advisory and education services.

What you’ll get

  • Repositories of business use cases for measuring footfalls, demographics, and auto-segmentation of customers
  • Goal-based advisory automation to measure customer satisfaction and a media wall for delivering personalized offers
  • Smart ATM solution to deliver a seamless omnichannel customer experience
  • Partnerships with leading FinTech players for gesture-driven banking and self-service customer experience capabilities

Contact Us

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Virtusa Corporation
132 Turnpike Road
Suite 300,
Southborough, MA 01772