Mashreq Bank Wins 2016 WfMC Global Awards for Excellence in Business Process Management

by Shrutee K/DNS

Mumbai– (August 3, 2017) – Virtusa Corporation (NASDAQ GS: VRTU), a global business consulting and IT outsourcing company that accelerates business outcomes for its clients, today announced that Mashreq Bank, UAE’s leading financial institution, has been recognized by the Workflow Management Coalition (WfMC) and BPM.com for excellence in business process management (BPM) and Workflow. Mashreq is among the top 12 businesses globally which utilize BPM and workflow technology to accelerate business outcomes.

“We are delighted to receive the WfMC award in recognition of Mashreq’s Business Operations transformation program by adoption of BPM,” said Nitin Bhargava, CTO, Mashreq. “Our strategic investment in this transformation program, coupled with our collaborative partnership with Virtusa, has enabled us to empower our employees to deliver service excellence to our customers. Through the digital BPM solution, which is powered by process automation, we have been able to achieve reduction in error rates, significantly bring down cost of delivery and improve productivity. Looking back at this year-long complex transformational journey, we are thrilled to observe the benefits, most importantly to see how delighted our customers and employees are with the change.”

Leveraging BPM automation, Mashreq Bank enabled its employees to better serve clients by providing a unified front end that creates transparency of back-end operations and integrated systems. The automated sales and process routing features combined with optimized operations have reduced the customer service turnaround time by 64 percent. The 360° enterprise visibility with reporting dashboards facilitates TAT reporting.

“We are excited to see our partnership with Mashreq Bank translating into a phenomenal success story that is now also recognized by the industry in the form of this coveted award,” said Sanjay Despande, SBU head, Banking and Financial Services, Virtusa. “We are thankful to the leadership team of Mashreq Bank for sharing their vision and giving us the opportunity to transform their process management while driving process accuracy, productivity gains and enhanced client services. Virtusa will continue to support Mashreq Bank in their endeavors to provide the most rewarding banking relationship to its esteemed clients.”

Virtusa has been helping global clients across multiple industries leverage BPM for transforming their operations for increased efficiencies and improved customer service. In addition to implementing end-to-end BPM offerings, Virtusa is enabling its clients to leverage modern technologies such as mobility and cloud analytics, along with best-in-class digital and consulting skills, to drive customer-centricity, productivity and enhanced business outcomes. Virtusa was recently recognized as a leader among Business Process Management (BPM) Service Providers by analyst firm Forrester Research in The Forrester Wave™: BPM Service Providers, Q4 2016.

“We are proud to be recognized for our leadership in implementing a transformational BPM automation program,” said Rajesh Kumar Bhaskaran, Head Intelligent Process Automation at Mashreq. “We are continuously looking for new ways to streamline our business operations and provide our customers with even better service. Working with Virtusa has helped us to leverage its technology and IT consulting expertise to drive value and achieve a competitive advantage with BPM.”

The WfMC Global Awards for Excellence in BPM & Workflow recognize user organizations that have demonstrably excelled in implementing innovative business process solutions to meet strategic business objectives. Workflow Management Coalition (WfMC) and BPM.com jointly sponsor the annual Global Awards for Excellence in BPM and Workflow. The Awards program is managed by Future Strategies Inc.

About Mashreq Bank

Established in 1967, Mashreq is the oldest Bank in the UAE with award winning financial solutions and services. Throughout its 50 years' history, Mashreq has differentiated itself through innovative financial solutions, making it possible for its customers to achieve their aspirations. Today, Mashreq has a significant presence in 11 countries outside the UAE with 21 overseas branches and offices across Europe, USA, Asia and Africa. 

Mashreq launched earlier this year its new Vision and Mission, outlining its commitment towards its clients, colleagues and the community. In line with its new Vision to be the region's most progressive bank, Mashreq leverages its leadership position in the banking industry to enable innovative possibilities and solutions for its customers across Corporate, Retail, International, Treasury and Islamic Banking. Mashreq is proud to be the first financial institution in the UAE to be awarded the Gallup Great Workplace Award for three consecutive years from 2014-2016. Mashreq also continues to invest in recruiting, training and developing future generations of UAE National bankers. 

About Virtusa : Virtusa Corporation (NASDAQ GS: VRTU) is a global provider of information technology (IT) consulting and outsourcing services that accelerate business outcomes for Global 2000 companies and leading software vendors in banking and financial services, insurance, healthcare, telecommunications, technology, and media & entertainment.

Virtusa helps CXOs' address the dual challenge of growing revenues while improving IT cost efficiencies. Virtusa's digital transformation & innovation (DTi) solutions enable clients to reimagine the customer experience, accelerate revenue growth and create lasting business value. The company’s operational excellence (OE) solutions help clients reduce risk, improve operational efficiencies, and lower IT costs.

Virtusa delivers services across the IT lifecycle, including consulting, solution design, technology selection, implementation, testing, and maintenance, including infrastructure support. With a strong heritage in software engineering, Virtusa is highly qualified to both develop and maintain software, using a proven platforming methodology and advanced Agile and Accelerated Solution Design techniques to reliably deliver results on time and within budget.

Holding a proven record of success across industries, Virtusa readily understands its clients' business challenges and uses its domain expertise to deliver distinctive, differentiated and innovative applications of technology to address its client critical business challenges. Examples include building the world's largest P&C claims modernization program; one of the largest corporate customer portals for a premier global bank; an order to cash implementation for a multinational telecommunications provider; and digital transformation initiatives for media and banking companies.

Through the acquisition of a majority interest in Polaris Consulting Services Ltd. in March 2016, Virtusa has created a robust platform to provide end-to-end solutions and services in banking and financial services, strengthening its positioning as a top, global FinTech services provider. Virtusa Corporation is headquartered in Massachusetts and has 50 offices across North America, Europe and Asia.