Virtusa’s Digital Transformation Program

by Shrutee K/DNS

Mumbai  – Virtusa Corporation (NASDAQ GS: VRTU), a global business consulting and IT outsourcing company that accelerates business outcomes for its clients, announced today it is the winner of the coveted IDC FinTech Real Results award from IDC Financial Insights for Efficiency and Agility. Virtusa received the recognition for the successful implementation of a leading edge digital transformation program powered by automation and artificial intelligence (AI) for its client, Mashreq Bank, a leading bank in the UAE region. Virtusa was one of five companies recognized for successful implementation of future-enabling fintech solutions.

For the third straight year, IDC Financial Insights has awarded five companies with Real Results Awards. These awards honor fintech providers who have empowered a genuine, measurable, and future-enabling change at a respective client financial institution.

“We are delighted to receive the IDC FinTech Rankings Real Results award and see our collaboration with Mashreq Bank translate into a phenomenal success story,” said Sanjay Deshpande, executive vice president and head of BFS Business - Canada, UK, Continental Europe and Middle East, Virtusa. “For organizations to succeed in this digital age, it is imperative to unlearn and relearn while embracing disruption with innovation. We did just that with Mashreq Bank. We are thankful to their leadership team for their outstanding support, and for trusting us to realize their transformation agenda. Virtusa will continue to support Mashreq Bank in its endeavors to provide the most rewarding banking relationship for its customers.”

This digital business process management (BPM) automation platform orchestrates human-to-human, human-to-system, and inter-system interactions. It also integrates front and back office operations for seamless transactions, automates workflow to minimize errors and case handling time, provides business analytics and real-time visibility through intuitive and gamified dashboards, and significantly enhances overall business agility. The platform also provides an easily scalable architecture for deploying emerging solutions and ensures customer satisfaction in every transaction. The solution has increased Mashreq Bank’s bottom line due to significant cost savings and a strong growth in revenues, while successfully abating client complaints.

“We are delighted to receive this prestigious recognition along with Virtusa for our digital transformation journey, which is now considered a benchmark by our peers in the region.” said Nitin Bhargava, CTO, Mashreq. “As a result, we now have a stronger vision regarding technology’s role in driving innovation, creating unique experiences for our customers, achieving operational excellence, and increasing profitability.”

With domain expertise of more than 25 years serving clients, Virtusa has delivered successful solutions that have transformed several global banks, top brokerage firms, and card and payment providers. Through its collaborative consultative approach, all-encompassing smart technology (Fintech/X-Tech) labs with unique sandbox environments, and a nimble team of experts, Virtusa enables clients to choose the right set of technologies to address their business challenges and capitalize on market opportunities.

The IDC FinTech Rankings Real Results program is part of the broader IDC FinTech Rankings program that categorizes and evaluates the top global providers of financial technology based on calendar year revenues from financial institutions for hardware, software and/or services. The annual IDC FinTech Rankings and Real Results Awards have become an important measure of the health and direction of technology in the industry and the emergence of innovative solutions from new players.

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 four consecutive years from 2014-2017. Mashreq also continues to invest in recruiting, training and developing future generations of UAE National bankers.

About IDC Financial Insights

IDC Financial Insights assists financial service businesses and IT leaders, as well as the suppliers who serve them, in making more effective technology decisions by providing accurate, timely, and insightful fact-based research and consulting services. Staffed by senior analysts with decades of industry experience, our global research analyzes and advises on business and technology issues facing the banking, insurance, and securities and investments industries. International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology market. IDC is a subsidiary of IDG, the world’s leading technology, media, research, and events company. For more information, please visit www.idc.com/financial, email info@idc-fi.com, or call 508-620-5533. Visit the IDC Financial Insights Community at http://idc-community.com/financial.

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 creating 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.