success story

Blockchain to Beat the Banks

In an environment with increased complexity of regulations and amount of data collected, finding the right information is getting more expensive. Virtusa helped a client re-assert the value of the lien management information service it provided to banks through a program to guide the strategic implementation of blockchain. The program kickstarted our client's blockchain implementation initiative and put forth a strategy to allow our client to use blockchain as a competitive tool to decrease the cost of our client's lien monitoring operations and allow our client to pass these savings on to its banking clients, thus increasing the cost for banks to implement the same solution for themselves via a consortium.

 

 

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The Challenge

Our client provided a property lien management information service to banks, but the cost of providing this service looked to only increase as the complexity of tracking liens for properties was also increasing. Our client realized that if it didn't do something soon, it would likely lose its business to the banks themselves (since banks have traditionally use a consortium partnership model to build certain shared services in situations when using an outside vendor becomes cost prohibitive). If banks were to successfully have their own blockchain initiative to track liens, then our client would become redundant in the value chain.

The Solution

Our team set out to better understand the threat that blockchain posed to help our client learn more about how it could use blockchain to lower costs and strengthen its service model. 

This meant bridging the gap between how banks were using blockchain and how our client could leverage the same technology for its own purpose. We evaluated how banks across the USA (we hit all 50 states) were leveraging blockchain and also evaluated blockchain-related legal precedencies that each state had established to create a baseline for how our client, an information services provider, would be affected by blockchain implementation.

 Through all of this research our team built out insights about the expected disruption and identified which implementation campaigns would help our client grow.

The Solution
The Benefit

We identified 12 growth opportunities that our client could capitalize on through the application of blockchain. On top of our evaluation of these opportunities, we built out a 30-60-90 day plan to kickstart the program to move towards building on those opportunities. Additionally, to ensure that action on these opportunities would be successful, we built out a playbook for our client that identified events and scenarios that would serve as positive or negative indicators of the future state and the correct actions and reactions that our client should have in order to successfully achieve healthy long-term growth in the digital age.

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