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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GreenoughAmy Legere, 617-
275-6517alegere@greenough.biz
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