SOUTHBOROUGH, Mass.--(BUSINESS WIRE)--Oct. 30, 2018--
Virtusa Corporation (NASDAQ GS: VRTU), a global provider of digital
strategy, digital engineering, and IT outsourcing services that
accelerates business outcomes for its clients, today announced that it
is the winner of the coveted IDC FinTech Real Results award granted by
IDC Financial Insights for the Digital Trust & Stewardship category.
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. The
implementation effectively optimized the B2B process of cheque fraud
investigation triggered by Dubai Police.
“This prestigious recognition of our digital transformation program
highlights the excellent partnership we have established with Virtusa.
This digital and AI project is now considered a benchmark in the region,
both amongst our competitors and customers,” said Sandeep Chouhan, group
head of Operations & Technology at Mashreq Bank. “Technology plays a
critical role for both Mashreq and its customers in improving the
customer experience, driving operational efficiency, increasing
profitability and reaching new levels of innovation.”
Having successfully partnered for over two years on pioneering the use
of automation and AI in banking, Mashreq and Virtusa have extended the
usage of automation bots to eliminate operational inefficiencies from
the police letter generation process by integrating with the Dubai
Police portal. This integration helps Mashreq retrieve details of cases
lodged with Dubai Police for cheque fraud and provide this information
to police for their perusal for legal investigation. This has also
allowed Mashreq to simplify, streamline and accelerate the process of
police letter generation by automating bi-directional information flows
via the Dubai Police case portal. The solution effectively improved
operational efficiency by 65 percent, simplified user journeys by 75
percent, automated Arabic-English translations, reduced human error, and
increased system reliability.
“We are delighted to receive the IDC FinTech Rankings Real Results
award for the second year running and to see our collaboration with
Mashreq Bank continue to yield amazing results,” said Vasudev
Telikicherla, senior vice president and head of BFS Business for Middle
East and Africa at Virtusa. “Quite simply, at Virtusa, our clients’
success is our success. We are pleased that Mashreq has been able to
extend its digital transformation program, co-delivered with Virtusa, to
its customers.”
Now in its fourth year, the IDC FinTech Rankings Real Results Awards
recognizes IT providers that have enabled a genuine, measurable, and
future-enabling change at a client financial institution in the global
financial services industry. 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 the providers’ calendar year revenues from financial
institutions for hardware, software, and services. These providers
supply the technological backbone of the financial services industry, an
industry for which IDC Financial Insights forecasts worldwide spending
on IT across the globe to reach half a trillion dollars by 2020.
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. IDC
Financial Insights publishes a comprehensive report about the year's
findings that is available to view or download HERE.
About Mashreq
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 26 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 Digital
Business Transformation, Digital Engineering, and Information Technology
(IT) outsourcing services that accelerates our clients’ journey to their
Digital Future. Virtusa serves Global 2000 companies in Banking,
Financial Services, Insurance, Healthcare, Telecommunications, Media,
Entertainment, Travel, Manufacturing, and Technology industries.
Using a combination of digital strategy, digital engineering, business
implementation, and IT platform modernization services, Virtusa helps
clients execute successful end-to-end digital business transformation
initiatives.
Virtusa engages its clients to re-imagine their business models and
develop strategies to defend and grow their business by introducing
innovative products and services, developing distinctive digital
consumer experiences, creating operational efficiency using digital
labor, developing operational and IT platforms for the future, and
rationalizing and modernizing their existing IT applications
infrastructure. As a result, its clients are simultaneously able to
drive business growth through digital-first customer experiences, while
also consolidating and modernizing their IT application infrastructure
to support digital business transformation.
Holding a proven record of success across industries, Virtusa readily
understands its clients' business challenges and uses its domain
expertise to deliver innovative applications of technology to address
its clients’ critical business challenges. Examples include building the
world's largest property & casualty 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.
Founded in 1996 and headquartered in Massachusetts, Virtusa has
operations in North America, Europe, and Asia.
© 2018 Virtusa Corporation. All rights reserved.
Virtusa, Accelerating Business Outcomes, BPM Test Drive and
Productization are registered trademarks of Virtusa Corporation. All
other company and brand names may be trademarks or service marks of
their respective holders.
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Source: Virtusa Corporation
Greenough
Amy Legere, 617- 275-6517
alegere@greenough.biz