Virtusa's Digital Transformation Program for Mashreq Bank Wins 2017 IDC FinTech Rankings Real Results Award

CIOReview Team | Wednesday, 15 November 2017, 13:20 IST

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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.

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