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.
To learn more about the 2017 IDC Financial Insights FinTech
Rankings and the Real Results Awards, visit:
https://www.idc.com/prodserv/insights/RESOURCES/ATTACHMENTS/FTRRankingsandRR2017.pdf.
For more information on Virtusa’s banking and financial
services, visit:
http://www.virtusa.com/industries/banking-and-financial-services/perspective/.
About Mashreq BankEstablished 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 InsightsIDC 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 VirtusaVirtusa 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.
Polaris Consulting & Services is a subsidiary of Virtusa
Corporation. Copyright © 2017 Virtusa Corporation. All Rights
Reserved.
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GreenoughAmy Legere, 617-275-6517alegere@greenough.biz
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