Press release

Virtusa Partners with People’s United Bank to Launch New Customer-Decisioning Hub with Virtusa’s vEngage

vEngage Built on Pega Customer Decision Hub

SOUTHBOROUGH, Mass.  – (April 20, 2021) – Virtusa Corporation, a global provider of digital strategy, digital engineering, and IT services and solutions today announced that People’s United Bank is leveraging its vEngage solution built on Pega Customer Decision Hub ™ to power the financial institution’s new customer decisioning hub. People’s United Bank is using the engine to enhance its ability to anticipate customer’s financial needs and deliver personalized services to retail and business customers.

A subsidiary of People's United Financial, Inc. (NASDAQ: PBCT), People's United Bank is a diversified financial services company offering commercial and retail banking as well as wealth management services. With more than $63 billion in assets, the bank is committed to meeting the ongoing needs of its customers, which includes anticipating and solving problems. With vEngage, People’s United Bank can access a 360-degree view of each customer’s digital journey and how they are interacting with the business. With this insight, the bank can fully understand each client’s needs and address them at precisely the right time.  

“Whether in one of our branches or online, People’s United Bank has long understood the importance of being attentive to our customers across their individual customer journeys,” said James Roy, Senior Vice President Digital Marketing of People’s United Bank. “We are excited about our work with Virtusa, which is helping us expand our client-centric capabilities by designing and deploying a new customer decisioning engine, powered by Pegasystems. By deploying modern decisioning capabilities and automated orchestration that further strengthens our ability to personalize customers’ digital experiences, we can continue to meet the unique needs of each customer as they engage with us through multiple digital channels.”  

With digital banking continuing to grow, the ability to personalize at scale has become a competitive differentiator. According to a KPMG study, customers consistently rank banks with great personalization capabilities as best in class. Built on the Pega Customer Decision Hub ™, Virtusa’s vEngage helps banks modernize their sales and marketing efforts by providing them with a single source of truth that they can use to anticipate customer needs and then deliver relevant and compelling experiences, wherever they interact with the customer.

“In the age of digital banking, consumers and businesses have unlimited choices. For many, this decision is being based on the institution’s ability to personalize their experiences, and adapt to their needs,” said Sanjay Deshpande, Executive Vice President and Head of Banking and Financial Services, Americas of Virtusa. “We are excited to work with partners including Pegasystems to help evolve the bank’s customer commitment as more and more customers engage with them online for critical financial guidance.”

With vEngage banks gain an array of new features such as the opportunity to:

• Achieve a significant uptick in loyalty platform engagement and redemption rates.
• Create and manage offers, configure and launch campaigns, segment management and lead creation. With the help of Pega Customer Decision Hub, they can then determine the most profitable customers for each pitch campaign or offer based on the likelihood of a positive response. 
• Once a customer profile is matched with a specific offer, vEngage automates customer outreach through an outbound email system. Using a predictive analytics engine, teams can then refine messaging based on the person’s previous responses to offers and outreach mail.
• Leverage AI for cognitive processing to deliver a better customer experience with Hyper-personalized, 1-to-1 marketing campaigns.
• Data-backed recommendations for “Next Best Offer,” “Next Best Communication,” and “Next Best Action.”
• Expand next-best-action capabilities into new channels (SMS, mobile app, chatbot), cross-channel, dynamic content for personalization, integrate with contact center (Salesforce Service Cloud).