Our client is an American multinational financial services company headquartered in New York.

The client's Core Deposits platform ran 248 deposit products across consumer, business, private, investment, and commercial banks, enabling approximately 55 million accounts and 120 million transactions. The platform operated on a very complex ledger system with interdependencies on several monolithic applications and interfaces that required a significant overhaul to meet the demands of a modern financial ecosystem.

Virtusa helped the client with a strategic core banking modernization program across the client's nine lines of business. With our consultative approach, we helped the client through the discovery phase of the core banking transformation, which involved evaluating platform and product vendors and helping them make the build vs. buy decision.

The challenge

The legacy core architecture of the client's core deposits platform presented several critical challenges:

Slow time to market: The reliance on manual processes significantly slowed down the speed of delivery. The time to market for releasing new, valuable, and next-gen offerings was delayed, hindering the client's ability to respond to market demands and customer expectations swiftly.
Complex coordination: The platform's monolithic structure meant that any change required extensive coordination between different products, adding layers of complexity. This hindered the platform's ability to evolve and adapt to the changing needs of consumers, creating bottlenecks in innovation and product delivery.
Manual processes: Due to the legacy core architecture, The existing system required manual intervention for product testing and auditing. This introduced inefficiencies and heightened the risk with every deployment, as the margin for human error was considerable.

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