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Virtusa - Transforming Core Banking Services
Vendor Analysis
published on Oct 16, 2024
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Report Overview:
This NelsonHall vendor assessment analyzes Virtusa's offerings and capabilities in core banking services
Who is this Report for:
NelsonHall’s ‘Transforming Core Banking Services’ profile on Virtusa is a comprehensive assessment of Virtusa’s offerings and capabilities for the core banking sector, designed for:
- Sourcing managers monitoring the capabilities of existing suppliers of technology and operational services and identifying vendor suitability for core banking services in 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 Virtusa’s BFS-focused core banking service offerings and capabilities and market and financial strength, including:
- Identification of the company’s strategy, offerings, 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 Virtusa service components
- Analysis of the company’s delivery organization including the location of delivery centers.
Key Findings & Highlights:
Since its inception, Virtusa has delivered IT services to the banking industry. Initially, it delivered IT services for the customer layer of the stack and then expanded to cover the entire core banking stack. The company has a large BFSI client base and delivers core banking transformation engagements to them in proportion to its overall client base.
Virtusa has acquired capabilities in the past decade that have expanded its BFS consulting and transaction processing capabilities. Recent capability development and acquisitions have focused on software development skills for cloud, mobility, and data analytics. Recently, it has:
- Expanded onshore and nearshore capabilities in Europe and North America to support growth in those markets
- Acquired Bright to enhance its ServiceNow and Splunk delivery capabilities for the European market
- Acquired ITMAGINATION to enhance its transformation consulting capabilities in the European market.