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VirtusaPolaris - FinTech Services in Banking BPS
Vendor Analysis
published on Feb 17, 2017
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Report Overview:
This NelsonHall assessment analyzes VirtusaPolaris' offerings and capabilities in FinTech services for the banking industry. VirtusaPolaris is one of a number of banking services vendors analyzed in NelsonHall’s comprehensive industry analysis programs.
Who is this Report for:
NelsonHall’s retail banking BPS vendor assessment for VirtusaPolaris is a comprehensive assessment of VirtusaPolaris’ FinTech offerings and capabilities for the banking industry designed for:
- Sourcing managers monitoring the capabilities of existing suppliers of FinTech services and identifying vendor suitability for banking industry (consumer banking, commercial banking, and capital markets) FinTech 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’ FinTech 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:
VirtusaPolaris is a global provider of IT consulting and outsourcing solutions. Polaris Consulting Services, a predecessor entity, was acquired in 2011 and was a major vendor to Citibank Overseas Software Ltd. (COSL). Polaris was focused on the banking industry. Today 48% of VirtusaPolaris' revenues are from the banking industry and of its ~200 enterprise clients, ~80 are from the banking industry.
VirtusaPolaris has been offering many automation services to banks for the past ten years, though these were not productized into a set of FinTech offerings. VirtusaPolaris began offering FinTech services for banking in late 2015 with the establishment of its lab. It had been asked by clients for a year to provide the following support for FinTech:
- FinTech product vendor analysis and due diligence
- Project selection (business case development)
- Project selection experiments (e.g., POCs, pilots).
VirtusaPolaris set up its lab, which are delivered virtually using AWS (Amazon cloud) to allow the client to remain in its offices and still interact with consultants to test advanced opportunities for FinTech enablement.