Open Innovation Platform

The need for accelerating digital transformation

Customers want digitally enhanced offerings fast. Since banks traditionally take up to two years to release digital services, it creates an endless cycle of customer dissatisfaction that there's no escaping from! 

But what if time was on your side? 

Virtusa's Open Innovation Platform (OIP) connects banks and financial services firms with third-party FinTechs to accelerate digital transformation. Using our Platform, you can improve your competitive edge and keep up with customer expectations by reducing the time to test by up to 90% and time-to-market by up to 60%.

Virtusa strongly believes that banks should collaborate with FinTechs to enhance their product offerings and build strong foundational technical components that can be quickly extended, modified, and adapted to the changing business landscape.

For a successful implementation, you will need to:

  • Optimize digital strategies with “customer-first” principles and design products and services with the customer in the center
  • Build internal capabilities to rapidly validate ideas and conduct experiments with an ability to iterate quickly towards the final solution.
  • Design a robust end-to-end digital product development approach
Open Innovation Platform
Virtusa’s Open Innovation Platform

Our cloud-native platform is a proven, secure marketplace that enables collaboration with third-party FinTechs, BigTechs, and TechFins, and allows banks to ideate, test, design, and build solutions that complement their product offerings. It's powered by a bootstrapping framework that leverages over 10 million customer data sets, a digital product workbench, and a pre-built library of domain APIs. 

You can find the emerging tools and technologies you need to enable hyper-automation, improve process efficiency, generate cost savings, and create a personalized customer experience.

Key benefits

Virtusa’s OIP provides an integrated view of the product lifecycle from ideation to production. It drives significant value across the innovation lifecycle providing compelling returns on your innovation investment by:

  • Lowering the cost of product development through rapid ideation and innovation 
  • Reducing time to market by 60% by using accelerators for a cloud-native framework 
  • Kickstarting microservices journey using preconfigured skeletons and framework components to rapidly generate code 
  • Avoiding vendor lock-in 
  • Enhancing developer experience and improving productivity through gamified CICD 
Open Innovation Platform - Key Benefits
Open Innovation Platform - Key Features
Key Features

Key enablers that drive the ideation to solution journey for financial institutions:

  • Partner and API ecosystems: Enables onboarding of third parties including customers, tech providers, and other required partners and their APIs
  • Customer-first ideation: Leverages Amazon’s Working Backwards methodology that allows organizations to keep the customer at the center of any business initiative
  • Digital twin environment: Fast-tracks development of digital products and services by using synthetic data that is generated in line with the production data schema and metadata requirements, with business functionalities exposed as APIs
  • Multi-team collaboration: Ability to assemble diverse teams working towards a common objective
  • Standardized development processes: Develop processes over an on-demand cloud IDE that allows solutions to be developed in line with the organization’s coding standards
  • Well-defined production roadmap: The path to production is based on integration with organizational code repositories and the DevOps pipelines


Why Virtusa?

Virtusa’s OIP removes the friction points that exist in current product development processes. Financial institutions can reimagine their customer experience and innovate and accelerate their digital journey with the help of a digital twin environment on the cloud. OIP provides organizations with the ability to rapidly test and adopt emerging technologies, build a transformation ecosystem, and rapidly deploy solutions into the production environment.

Open Innovation Platform
Open banking playbook

Virtusa surveys entire open banking landscape, draws analysis of the current and future developments with open banking.

Find out what Virtusa can do for you

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