Success Stories

Virtusa / Virtusa xLabs Helped a Global Financial Institution Create New Business Opportunities
Virtusa xLabs Helped a Global Financial Institution Create New Business Opportunities

The financial institution intended to revamp its current business and IT strategy to create an Open Banking model. The organization was in search of a trusted partner with the right expertise, experience, and scale to support various initiatives around business and IT transformation, program governance and management.

  • The Challenge

    • Transformation and management of legacy systems
    • Business & IT alignment across functions
    • Architecture strategy
    • Organization wide change management: people, culture, process and technology
  • The Solution

    Virtusa xLabs created a horizontal scalable Open Banking platform for the organization, which enabled:
    • Self-service, multi-channel and multi-device support
    • A seamless, consistent customer journey
    • Support for multiple product lines/ lines of businesses – retail & business
    • Compliance with regulatory needs without duplicate data capture
    • Cross-sell & up-sell opportunities through analytics
  • The Benefits

    • Early business & IT objectives aligned to realize maximum value and deliver program acceleration
    • Cycle times accelerated and timely and high-quality deliverables often provided validation
    • Two-speed IT setup facilitated rapid innovation/experimentation and program delivery
    • Governance across organization, platform and product lines was structured to realize the new vision