VirtusaPolaris and WorkFusion to deliver robotic automation and AI-powered cognitive automation to the financial services sector

VirtusaPolaris, the market-facing brand of Virtusa Corporation and Polaris Consulting & Services, Ltd. and a leading worldwide provider of information technology (IT) consulting and outsourcing services, and WorkFusion, the leading smart process automation (SPA) provider, today announced a partnership to deliver new smart automation solutions for the banking and financial services (BFS) market. The combination of VirtusaPolaris’ deep BFS industry and process expertise and WorkFusion’s cutting edge platform will help clients reduce operational costs, while improving quality, productivity and agility.

“Most financial services organizations continue to struggle with inefficient legacy systems that have not kept pace with the change in business and regulations, introducing gaps in process automation that negatively impact efficiency of business operations. Many of these gaps are low complexity high volume routine process steps and most organizations have deployed large operational workforces, frequently offshore, to handle these processes,” said Bob Graham, global solutions head, Banking and Financial Services at VirtusaPolaris. “WorkFusion’s combination of robotic and cognitive automation supported by VirtusaPolaris’ expert consulting and implementation services allow customers to improve quality through greater accuracy and the removal of human error, reduce costs through rapid automation of manual tasks, and accelerate time to market with our proven delivery approach.”

At the core of WorkFusion’s SPA software are three powerful capabilities: workforce orchestration, robotic process automation (RPA) and cognitive automation which, together, help organizations improve workforce agility and elasticity and automate manual processes through rapidly evolving AI. Robotics eliminate the manual work of operating desktop applications and manipulating structured data, and cognitive automation learns unstructured data tasks through human actions. As WorkFusion automates more repetitive work, staff are elevated to exceptions handling and higher value tasks. Clients are able to achieve 50 to 80 percent ROI within the first year.

VirtusaPolaris supports WorkFusion deployments globally through its Automation Center of Excellence through which it provides domain specific WorkFusion accelerators to help deliver even faster time to market and value to clients.

“We are excited to be working with VirtusaPolaris and to bring our combined capability to market,” Alex Lyashok, WorkFusion COO said. “Shared services, back- and middle-office operations teams are realizing the combined value of robotic and cognitive automation. They use our software to improve the efficiency of processes that range from accounts payable and invoice processing to know your customer (KYC) and claims processing. Our partnership with VirtusaPolaris will provide clients an even greater depth of expertise in processes coupled with the best automation technology on the market.”