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Back to all Virtusa announcements

Virtusa Streamlines Client Onboarding in Financial Institutions with New Framework

Client Onboarding Assessment Framework is designed for institutional client onboarding in capital markets 

Virtusa Corporation (NASDAQ: VRTU), a global business consulting and IT outsourcing company that combines innovation, technology leadership and industry solutions to transform the customer experience, today launched Client Onboarding Assessment Framework, a combination of expert consulting and customized solutions that enhances Virtusa’s client onboarding offering for companies operating in capital markets. The new offering features a holistic approach that helps financial organizations understand and improve their client onboarding capabilities, leading to better client experience and increased revenue.

Client onboarding needs vary greatly across organizations, and one-size-fits-all approaches fall short in addressing an organization’s unique implementation challenges which include adherence to multiple regional regulations, overcomplicated onboarding solutions, slow and in-efficient processes and migration from legacy on-boarding systems.

“For client onboarding, the ‘one-size-fits all’ approach simply doesn’t work anymore,” said Erik DiGiacomo, senior vice president, Financial Services Consulting at Virtusa. “Institutions today must address a much higher level of complexity from client to client. Successful organizations therefore must have processes and technology that support an environment of change - they are nimble and can be used across a set of clients that, while similar in many aspects, do trade and operate with unique characteristics. This means that onboarding solutions must be highly adaptable to client conditions while having controls to protect the institution and its reputation. Our platform enables this so that our customers can focus on creating a better client experience, maintaining a strong compliance environment and growing revenue.”

Virtusa’s Client Onboarding Assessment Framework identifies gaps in an organization’s existing onboarding framework and recommends an onboarding solution optimal for their size of business, along with a path to reach it. The comprehensive offering includes end-to-end consulting and a broad feature set covering regulatory requirements in the U.S. and Europe to post-onboarding flows such as account maintenance, limit changes and payables/receivables tracking.

“Client onboarding platforms have acquired a special status within investment banks, and are critical to complying with various regulations. Faster onboarding can enable clients to quickly access trading services,” said Senthil Radhakrishnan, vice president, Capital Market Solutions Practice at Virtusa. “By looking at these processes holistically, we’re able to streamline onboarding and improve client experience, giving financial organizations a significant competitive advantage.”

Virtusa’s Client Onboarding Assessment Framework, designed specifically for institutional client onboarding in capital markets, is based on Virtusa’s extensive experience working with the world’s top financial services institutions, including seven of the top ten U.S. banks, four of the top ten global banks, several of the top brokerage firms and two of the largest card and payment providers. Virtusa uses its Platforming methodology and global delivery model to help companies optimize their software applications and platforms, enhance operational efficiencies, minimize risks, sustain cost leadership, and support their business transformation initiatives.