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Virtusa Polaris - RPA and AI in Banking BPS

Vendor Analysis

by Andy Efstathiou

published on Oct 28, 2016

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Report Overview:

This NelsonHall vendor assessment analyzes Virtusa Polaris' offerings and capabilities in RPA and AI in Banking BPS.

Who is this Report for:

NelsonHall’s Retail Banking BPS Vendor Assessment for VirtusaPolaris is a comprehensive assessment of VirtusaPolaris’ RPA and AI offerings and capabilities for the banking industry designed for: 

  • Sourcing managers monitoring the capabilities of existing suppliers of RPA and AI services and identifying vendor suitability for banking industry (consumer banking, commercial banking, and capital markets) RPA and AI services RFPs 
  • Vendor marketing, sales and business managers looking to benchmark themselves against their peers 
  • Financial analysts and investors specializing in the support services sector. 

Scope of this Report:

The report provides a comprehensive and objective analysis of VirtusaPolaris’ RPA and AI services for banking offerings, capabilities, and market and financial strength, including: 

  • Identification of the company’s strategy, emphases and new developments 
  • Analysis of the company’s strengths, weaknesses and outlook
  • Revenue estimates
  • Analysis of the profile of the company’s customer base including the  company’s targeting strategy and examples of current contracts
  • Analysis of the company’s offerings and key service components
  • Analysis of the company’s delivery organization including the location  of delivery locations.

Key Findings & Highlights:

This NelsonHall assessment analyzes VirtusaPolaris’ offerings and capabilities in RPA and AI services for the banking industry. VirtusaPolaris is one of a number of banking services vendors analyzed in NelsonHall’s comprehensive industry analysis programs. 

Polaris Consulting Services was incorporated in 1993 and was a major  vendor to Citigroup when it opened Citibank Overseas Software Limited (COSL) in India. Over the years, Polaris has continued to focus on the financial services industry, and changed its name in 2011 to Polaris Financial Technology Ltd. to reflect its focus on the financial services industry. In Q1 2016, Virtusa acquired a majority interest in Polaris and renamed the company VirtusaPolaris.  

Polaris Technology has undertaken process automation, as required, for many years as part of its ongoing business process management activities. As RPA began to gain mindshare with clients, Polaris took a survey of the RPA marketplace and found that RPA vendors were very small and the market was highly fragmented. Therefore, it decided to partner with many vendors in order to provide clients with advice on:  

  • Product selection
  • Navigating the rapidly evolving market.

In early 2015, Polaris started its first RPA partnership with Blue Prism. 
Over the course of 2015, it added partnerships with: 

  • Automation Anywhere 
  • Open Span
  • Allago
  • Workfusion. 

In addition, VirtusaPolaris has developed its own proprietary tool, Acello  in 2016 (see the Delivery section for a description of platforms and tools).  

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