Bangalore, India, September 12, 2014: Virtusa Corporation, a global IT services company that combines innovation, technology leadership and industry solutions to transform the customer experience, today announced that it has been named a “Major Contender” in Everest Group’s PEAK Matrix for IT Outsourcing in Banking and Financial Services. Virtusa was recognized, for the second consecutive year, as a key global player, leveraging unique technology solutions to drive innovation in the industry. Additionally, Virtusa was recognized as a “Star Performer” based on its relative year-on-year movement on the PEAK Matrix.
“We are very pleased to be named a Major Contender and Star Performer in the Everest PEAK Matrix for Banking AO,” said Vasan Srinivasan, senior vice president, Banking and Financial Services at Virtusa. “We continue to build our roster of clients, which includes some of the world’s largest banking and financial institutions and large regional players. Increasingly, these organizations are drawn to Virtusa because of our in-depth understanding of the three-fold challenges faced by financial institutions and our solutions to address these challenges – managing new risk and compliance mandates, reducing business-as-usual (BAU) costs, and improving customer acquisition and service in the new digital world by providing distinctive millennial experiences. As the banking and financial services industry continues to evolve, it’s both humbling and gratifying to be recognized as a key player driving the industry forward.”
Virtusa was recognized not only for servicing some of the world’s largest banking and financial institutions, but also for having a unique execution capability model that stands out in a very crowded supplier market segment. Using its global delivery model and platforming approach, Virtusa delivers accelerated business solutions to its clients, enabling them to rapidly evolve their products and services and improve customer experience. The company was also recognized for its focus on millennial enablement and leveraging mobile and social technologies.
“Virtusa continues to be recognized by banking clients for its robust delivery mechanisms for transformational projects, strong industry partnerships, and continued focus on innovative solutions” said Rajat Juneja, Practice Director, BFSI IT Services, Everest Group. “Virtusa also augmented its capabilities in this space through new acquisitions, and by developing unique propositions for select banking areas such as payments etc. The provider has consequently witnessed strong growth in its deal activity and has been awarded a Star Performer rating in our 2014 Banking AO PEAK Assessment.”
Developed by Everest Group, a global consulting and research firm, the PEAK (Performance, Experience, Ability, Knowledge) Matrix is a framework that assesses the relative market success and overall capability of service providers in various industries. This particular PEAK Matrix positions the world’s leading banking AO market leaders based on performance, experience, ability and knowledge. Service providers undergo a rigorous assessment and are positioned on the PEAK Matrix based on evaluation across two key dimensions including market success – measured by the number, scale and growth of large banking AO contracts, and delivery capability – measured by scale of operations, scope, enabling domain investments, delivery footprint and buyer satisfaction. The results were published in Everest Group’s report IT Outsourcing in Banking – Service Provider Landscape with PEAK Matrix Assessment 2014.
Virtusa’s Global Financial Services Consulting Group provides end-to-end consulting, and technology and transformation services for the financial services industry worldwide including banks, broker dealers, fund administrators, investment banks, investment managers, credit card, payment providers and select industry service providers. Virtusa’s banking and financial services customers include 5 of the top 10 U.S. banks, 4 of the top 15 global banks, some of the top brokerage firms and several of the largest card and payment providers. For more information on Virtusa’s solutions for banking and financial services organizations.
To view the report, please visit, https://research.everestgrp.com/Product/EGR-2014-11-R-1175/IT-Outsourcing-in-Banking-Service-Provider-Landscape-with-PEA