Virtusa has a strong focus towards banking and financial services. These contribute nearly half of its AI and Analytics revenue. Consequently, it has developed a number of point solutions that leverage multiple open-source AI/ML platforms for key use cases related to trade communication surveillance and payments fraud detection, among others.
Its overall approach is to lead engagements with consulting and then leverage a vast repertoire of prebuilt solution accelerators and frameworks that include solutions such as SmartATM, Biometrics along with test cases and APIs (such as Payment Services Directive API) for rapid deployment.
It has deep client relationships and also works closely with them in a co-innovation model. For instance, it worked with a Fortune 20 healthcare firm to develop an intelligent healthbot system for detecting early-stage cancer. It also recently won a bid to operate the world’s first cross-border platform for financial inclusion with another client.
Virtusa has developed alliances with strategic partners such as IBM Watson Percipient, Fidor and Talend as well as co-innovation partners such as AWS, Azure and Google Cloud Platform. It is also working extensively with over 40 FinTech start-ups and 24 product developers.
It collaborates with bodies like the Monetary Authority of Singapore (MAS) and Indiana Biosciences Research Institute (IBRI) for platform deployment and creation of industry-specific point solutions. It is also expanded its work with the academia through a recent MoU with IIIT Bangalore for AI/ML research.
Investments and Innovation
Virtusa has planned to invest 2% of its annual revenue towards AI/ML-led digital transformation through new assets and offering human capital and partnership development. For this, it established industry-standard virtual AI labs for core innovation to enable enterprises turn ideas into minimum viable products faster.
On the human capital development front, it has launched an internal certification program in collaboration with Edureka for data science with over 500 enrollments. It is also collaborating with select Indian colleges/universities in setting up labs to train resources in data science.
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